The SMART Way to Manage Your Cash Flow
Posted on 23rd October 2015 in Cash Flow
Written by Amy Harris
Cash is king. No matter how good your business idea, how talented your staff or how irresistible your marketing, if you have cash flow problems it won’t matter. Money makes the world go around and it keeps SMEs turning too.
A recent survey found that 31% of SMEs either rarely or never update their cash flow forecasts. That failure to plan can be catastrophic and no doubt plays a part in half of all UK start-ups failing within five years.
If you aren’t on top of your cash flow don’t panic. Cash flow management is nothing to be scared of. Thanks to modern technology and software you don’t have to be a trained accountant to master it either. Here are our top three tips to manage your cash flow:
Ditch Excel and reach for the clouds
Using spreadsheets to do your cashflow forecasts today is like choosing to use a typewriter for Twitter. It’s a slow, error-prone and disheartening way to manage finances. You’ll spend so long trying to make it do what you want you’ll waste precious hours better spent focusing on your business.
There are many excellent cloud computing options out there for SMEs to manage their accounts and cash flow with. From Xero to QuickBooks Online, entrepreneurs have never had so much technology to hand that can genuinely transform how they operate.
Cloud accounting lets you focus on turning all your financial data into practical information you can use to make decisions and plan for your future.
Plan your future… all of them
Knowing what is coming in and out of your business is critical to success. With FUTRLI your cash flow can be visualised and made crystal clear. You don’t have to waste time trying to interpret and reshape blocks of dull numbers.