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Ensuring your invoices are paid on time

Having a healthy supply of cash is vital for the survival of small businesses, as it is required to operate and enables you to pay workers, rent and other expenses. Unpaid invoices can lead to poor cash flow, a significant reason small businesses fail.

Late invoice payments can add to the strain of being restricted by limited resources. As a business owner, you should take the necessary steps to ensure prompt invoice payments and reduce your stress.

Structure:
A structured collection process when it comes to chasing payments can provide a strong foundation to minimising losses as your business grows and can release thousands of dollars into your cash flow as a result of faster payments. By embedding certain practices into your day-to-day operations, the time dedicated to invoicing and chasing late payments is more efficient and effective.

Prompt invoicing:
Fast and correct invoicing is a great way to encourage faster payment. The earlier that you send your invoice will mean the client can make payments as soon as possible. Contacting clients after sending your bill allows issues to be addressed quickly. Checking if they have received your invoice and are happy with the services that have been provided is a good way to improve customer relationships.

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Using your tax return wisely

Posted on July 8, 2019 by admin

Getting your tax refund back is exciting, but as tempting as it is to splurge, consider other ways you can put that money to good use. It is easy to get caught treating your return as extra money when you shouldn’t see it any differently than your regular paycheck. Give the money a purpose by thinking about your personal financial situation and determining your needs.

Emergency fund:
An emergency fund can make all the difference if a difficult financial situation comes up, acting as a backup in the case of an emergency such as losing your job or medical costs. Building an emergency fund with enough money to cover at least three months worth of expenses is a good starting point. Make sure the money is added to a high-interest savings account to utilise compound interest. If you are contributing regularly to this fund, adding money from your tax return can boost it above schedule.

Make debt repayments:
With a bit more money at your disposal, now is the time to make repayments on debts you may have. Start with the higher interest debts and work down, your interest repayments will drop when you lower your outstanding balance. These debts can be things like credit cards, personal loans, outstanding bills or mortgage repayments.

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