The start of a new financial year is often a time of both great excitement and a fair amount of worry. After all, with a clean slate in front of you, you want to put a little pressure on yourself to start the year off right. Are you doing everything you can to steer the business towards a bright future?
Having just a few customers who haven't paid their debts can put a damper on an otherwise promising year.
It's easy to have doubts if you enter the year with lingering accounting issues. For example, having just a few customers who haven't paid their debts can put a damper on an otherwise promising year. If you have any lingering troubles like this, it's best to address them in a proactive way so you can proceed into the new year with confidence. We have a couple of suggestions on this front - including the use of debtor finance.
Focusing on cashflow from the start
If you've got any issues cash-wise, don't let them linger - get the working capital you need lined up at the very start of the year. Now's the time to act on this, according to Dynamic Export. Because the new year is a clean slate, it's a perfect time to take the temperature of your business and see if you need to address any cashflow issues.
Think about how your financial results turned out last year. Is there anything you can do to improve in the next 12 months - perhaps collecting debts faster or otherwise sealing off any "gaps" in cashflow? If so, don't wait.
Getting on top of invoicing early
Every business depends on having a smooth, well-oiled invoicing process. The moment you make a sale, you want to have a foolproof method for making sure the cash you're owed gets collected. The Pulse Australia recommends the beginning of the financial year as the ideal time to take a look at your process and make any necessary changes.
If you've tried improving the invoicing process and nothing works, you may want to consider alternative finance solutions. One fine example is debtor finance, which can give your company a boost when your accounts receivable are moving slowly. Companies of all sizes, in all industries, can benefit from debtor finance - to learn more about how just get in touch with us and ask.