The following tips will help you improve your cash flow management.
1. Make sure everyone pays on time by having short payment terms on your invoices and follow up late payments regularly.
2. Stretch out your creditor payments. Does their invoice give you 30 days to pay? Take those 30 days! (don’t pay early!)
3. Open a separate bank account for your GST and tax payments. Transfer the money to this account and save it until it needs to be paid to the ATO. (read more here)
4. If you have problems with cash flow, work out if they are timing (cash out before cash in) or structural (too much cash out, not enough in).
Is cash tight? Let us help you improve your cash flow. Ring us for a free 30 minute consultation call.
0404 530 563