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We always aim to add value to your business
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In these difficult times, the following points are intended to help maintain a fluid movement of cash into your business:
Issue invoices more regularly and consider invoicing upfront or sending interim bills. Look at offering discounts, for example 5% if payment is made within 7 days to bring forward receipt of the money. If taking on any new customers ensure you use a credit check report for example, Experian. 2. Debt Collection
If you use a cloud-based accounting package, look at the possibility of automating your debt collection system, for example Chaser. If you have debts beyond your payment terms look at placing the invoice with a debt collection company. Look at financing your debtors using invoice discounting. If you have individual large sum invoices look at single invoice finance. If customers are struggling to pay be flexible and allow a payment plan by way of monthly direct debit. 3. Stock
Look at your various stock lines and operate a just in/just out system. 4. Payment to Creditors
Contact your suppliers to discuss extending terms or agreeing a payment plan. If offered an early payment discount by individual suppliers, look at settling their invoices first. 5. Capital Expenditure
If considering purchasing capital equipment, investigate leasing the equipment rather than purchasing. Purchase any new equipment via a hire purchase agreement. Extend the term of the hire purchase agreement to reduce the monthly payments. 6. Cash
Transfer any excess cash into a deposit account. Look at other investment opportunities whereby you still have quick access to the funds if required.
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