Financially stable with debtor management
So much to do... is an answer you might often give when people ask you if business is going well. Even in busy periods, it remains important to make sure your customers are paid in time. After all, a positive account balance is essential to keep things running. Here are a few tips to help you keep your finger on the pulse so that the financial picture is right at the end of the day.
Hold on to success
You may have started with launching a product that was first bought by friends and family. Through word of mouth and online shares, your product became a hot topic on social media. This generated a lot of leads to your website and business is booming. Meanwhile, you may be busy answering questions, processing orders or shipping packages. But if business is going super well, you also need to receive enough money to pay all your suppliers in time.
Make sure you keep a good overview of your incoming and outgoing invoices. Especially the latter can be confusing, when you no longer know who has paid and who has not yet. At that point, an accountant will undoubtedly advise you to watch over a healthy cash flow. In normal human language, that means you need to know how much money is coming in and how much is going out. And of course there must be more money coming in than going out, otherwise your business will not be profitable.
Only with a positive cash flow can you pay your suppliers in time and you will not build up any debts yourself. To make sure you keep the overview, you can rely on Credit Management. This partially or fully automated debtor management ensures, for example, that invoices and/or payment reminders are sent automatically. So less worries!
The easier, the better
Also, make sure that no unnecessary difficulties arise due to a difficult payment for your products. Customers need to be able to pay quickly and easily, this is also how you keep your cash flow healthy.
Nowadays customers frequently pay using their smartphone. Therefore, the payment option Bancontact Mobile is a real must. This payment method works with a QR code that can be scanned with the customer's smartphone. With the Bancontact app, the payment is made immediately, thanks to the link to the customer's bank account. Offering this payment option is just a small change that immediately creates a major effect on the road to a positive cash flow.
This article was published before on MobiMix.be, titled 'How to keep your business financially healthy?'.
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