5 Ways to keep the cash flowing in your business

How to, Small business0 comments

As small business owners, we all know that cash is king.  In order for a business to thrive, there has to be a steady stream of cash flowing through the business.  However, many people struggle to achieve this because they’re too busy with all the other demands on their time such as doing client work, sending out orders, following up leads etc.  So invoices don’t get sent out, expenses don’t get recorded and payments aren’t chased up.

If this sounds like you, then how can you get the cash flowing through your business again?  Well, here are 5 ways that a virtual assistant can help you.

Get paid. It’s all very well doing a fantastic job for a client, but it’s no good for your business if you don’t get paid!  Set a date each month when you are going to send out invoices and let clients know your payment terms.  A virtual assistant can then raise these invoices each month, send them out to your clients, and chase them up when payment is due.

Track expenditure. It can be very easy just to spend money on your business without keeping a track of where this money is going.  A virtual assistant can create a spreadsheet that has details of the budget for each area of your business, eg marketing, stationery etc.  They can then input your monthly expenditure for each of these areas and let you know whether you’re meeting or exceeding your budget.  As they get to know your business, they can also use this information to see if there are any areas where you can save money.

Record receipts. We’ve all heard stories about people keeping their receipts in a plastic bag which they only look at when their tax return is due!  Rather than having a last minute panic, hire a virtual assistant to spend an hour each month inputting your receipts into a spreadsheet.  Not only will you keep your accountant happy, but you will also be able to keep track of your expenditure.

Reconcile bank statements. As a business owner, you know how essential it is to ensure that your financial records are correct.  So each month, a virtual assistant can check your income and expenditure, and reconcile them with your bank statement.

Keep tax returns hassle free. Well almost!  Let’s face it, one of the least favourite jobs of most business owners is doing their tax return.  A virtual assistant can remind you when your return is due, work with your book keeper or accountant to ensure that all your records are in order, and keep you informed of any new legislation that may affect your business.

By having someone to look after your invoicing and book keeping, you can focus on earning money for your business and keep the cash flowing!