‘Cashflow is King’ may seem like a glib soundbite, but it’s rooted in a harsh truth - with a lack of funds the single biggest reason why businesses go to the wall.
Cashflow forecasting is therefore a fundamental tool in your financial armoury - and even if you’re sitting pretty right now with plenty of money in the bank, forecasting is essential to ensure that remains the case.
Hiring an accountant is widely considered best practice for small business owners. But delegating financial analysis and reporting doesn't mean completely checking out of the process each month or quarter.
You might recall a recent blog post in which we highlighted ‘the difference between cashflow and profitability'. In it, we identified some of the ways in which you can tackle cash-flow problems and get money into your business faster. But there’s one secret left up our sleeve - invoice funding.
As more and more organisations turn to online accounting with Xero, managing your own business finances actually becomes easier!
That’s because the Xero-to-Xero network allows you to connect directly with customers or suppliers who are also using the platform.
Getting your invoices paid on time is critical to the success of any business - so the first post in our new monthly series of Xero pointers shows you how to take advantage of the online invoicing facility.
