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Managing a small business can be stressful, with so many day-to-day tasks to think about and stay on top of it can be easy for some things to slip through the net. In this article, we talk about five important tips for managing small business cash flow.
Monitoring your cash flow is a particularly important task, and one way to stay on top of this is with accounting software. This will help you to manage it more efficiently and keep a detailed track of what is coming in and going out of your business.
There are lots of different software packages out there which are inexpensive, but if you’re not confident with managing your finances in detail then hiring an accountant or bookkeeper is a great option.
Chasing outstanding payments can be a frustrating task so one way to improve your cash flow is to get your customers to pay on time.
One way to achieve this is with online invoicing software which will send out automatic reminders to your customers that payment is due. They can then pay with a one-click payment option and take away the stress of chasing for outstanding invoices.
Keeping track of all your business expenses is another way to manage your small business finances. Again, digital banking or an accountant are going to be the best solutions.
Digital banking makes it so easy to track incoming and outgoing payments. Having all your payments and expenses go out on the same day might seem logical but it’s not ideal for managing your cash flow.
Employee wages are one of the biggest outgoings for any small business and there are plenty of ways you can be savvy about this.
Paying your employees via direct debit is a big-time saver and look at your payment runs – working bi-monthly as opposed to bi-weekly can potentially save on admin costs.
Not keeping track of your outgoings is a sure-fire way of losing money quickly. If your business uses expensive equipment look at having it repaired or reconditioned as opposed to buying it brand new.
Try not to upgrade any products or equipment unless it is necessary, and if you are planning on using any business or accounting software look for open-source business software which is free to use for the end-user.
For more information about managing your small business cash flow, you can speak to one of the team here or call us directly on 020 3778 0973 or email info@thestanlee.com – we would love to assist you any way we can.
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EXCELLENT Based on 43 reviews Gavin Ballack2025-04-03Trustindex verifies that the original source of the review is Google. Very Efficient and Effective Accountant. Solaiman has excellent communication and his been working with us for over 2 years. Highly Recommended!!! Pd Delima2025-04-03Trustindex verifies that the original source of the review is Google. Amazing Accountants, Very Professional and cater to all my needs. Highly Recommended info - Awesta.org2025-03-26Trustindex verifies that the original source of the review is Google. We are incredibly grateful for the outstanding service provided by Stanly & Co. From the moment they took us on as a client, they demonstrated remarkable diligence and efficiency. Their professionalism was evident in the way they promptly requested the necessary details, evidence, and documents to ensure our accounts were handled accurately, especially when we required an external verifier. Their expertise and commitment to excellence have given us complete confidence in their work. We highly recommend Stanly & Co to any business seeking a reliable and professional accounting firm. We look forward to a long and successful partnership with them. Mazid2025-03-25Trustindex verifies that the original source of the review is Google. Excellent accountancy service. Always available and willing to go the extra mile. I will be using them for all my future needs! MD Anik2025-02-28Trustindex verifies that the original source of the review is Google. Mr. Mohammad, FCCA, helped me form a company, register for a tax code, and go through the self-employment process. He gave me valuable advice. Truly professional and highly recommended. Tapan Desai2025-01-20Trustindex verifies that the original source of the review is Google. Muhammad worked on my tax assessment for the 2023-2024 year. He is incredibly helpful, explains everything in detail, and organised. He takes away the burden of filing taxes from you. I would highly recommend Stan Lee! Rowena Martinez2025-01-06Trustindex verifies that the original source of the review is Google. Very helpful Sobia Masood2024-12-05Trustindex verifies that the original source of the review is Google. Very efficeint service by Mr Suleman . Highly recommended . Lucrezia Zanin2024-04-25Trustindex verifies that the original source of the review is Google. Thanks to Muhammad who has been guiding me through any tax question I had and helped with my yearly return. Highly recommended! Lauren Le Franc2024-03-21Trustindex verifies that the original source of the review is Google. Professional, sound advice and diligent. Helped with VAT, PAYE and general accounts. Great service.
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