5 ways to improve cash flow
TRANSCRIPT
5 Ways to Improve Your Cash Flow
With Danetha DoeBusiness Strategist and Cloud Accounting Expert
www.danethadoe.com
Before We Get StartedoFind a quiet spaceoBe present- multi tasking isn’t possible
oTurn off your distractionsoSign out of your email and social mediaoGrab a pen and paperoGet a glass of water or some teaoThink, “How can I apply this to my
business?”
www.danethadoe.com
What you’ll learn todayo 5 ways to improve your cash flowo This is perfect whether you’re a freelancer or
have a team of employees working for your business
o Setting invoice payment termso Automating cash flow-related taskso Consolidating bill pay dateso Nurturing relationships with your customers
(aka, the people who pay you!)o Using a cloud-based accounting system—like
Kashoo! www.danethadoe.com
About Meo I am a business strategist and a
fanatic about cloud accounting.o I help entrepreneurs and larger
companies come up with creative ways to grow their business and use technology to get paid faster.
o Some of the larger companies I’ve worked with include Mammoth Lakes Ski resort, Audi and Ebay.
o Fun fact- I’m a former NFL Cheerleader and am a regular guest on Huffington Post Live sharing accounting and business tips. www.danethadoe.com
These tips work
o Reduced outstanding invoices from 180 days to 30 days within one month for a ski resort.
o Saved a freelancer over $5K and a larger company close to $1M in one year.
o Everyone is happier. The business owner, the accountant, bookkeeper and everyone in between.
www.danethadoe.com
www.danethadoe.com
Invoice Payment Terms
o Every invoice should include: date sent, date due, your best contact information, detail of service provided, and reference number.
o Due upon receipt is vague and can lead to “late” payments.
o Be clear about expectations in the beginning. www.danethadoe.com
Automation
o If you have a client that you bill monthly, set up automatic invoices and reminders.
o I recommend sending an invoice at least 10 days prior to the due date. And sending a reminder invoice 1-3 days prior to the due date.
o This allows your client to ask any questions if for some reason they dispute the bill and it makes you look uber profesh.
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Take Action!
o Review your invoice layouts, is there anything you need to add?
o What are your expectations for payments? Do you have them written down to communicate with your client?
o Are there any invoices that you can set up to generate automatically?
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Consolidating bill payments
o One firm that I worked with had 15 different monthly bills due on different days. It was a nightmare!
o Make a list of all of your monthly bills. Pick one or two days that you would like to make payments. Call your providers and change the dates.
o Why is this important? This allows you to plan your invoice due dates against the dates when your bills are due.
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Nurturing Relationships with Customers
o 99.99% of people want to pay their bills on time, but are also very busy.
o Your clients are likely other business owners who are wearing a ton of different hats and your invoice may get buried under the massive to-do list.
o Being friendly goes a long way and so does sending chocolate.
www.danethadoe.com
Benefits of using cloud accounting-like Kashoo!
o Using a cloud accounting program allows you to send invoices automatically, while you’re on the go and keeps all of your information in one place.
o Kashoo is an absolutely fabulous program and awesome features.
o Create customizable invoices on the go, keep track of expenses by taking pictures of your receipts and they have a great customer support team. Kashoo is also the #1 iPad accounting solution on the app store.www.danethadoe.com
Take Action!
o Are your bill payment due dates consolidated to one or two days out of the month? If not, reschedule them.
o Make a list of the contacts who pay your invoices and send one of them a “hello” email.
o Are you using a cloud accounting program? If not, sign up with Kashoo today!
www.danethadoe.com
Thanks for your time!
o To learn more about me and my company, you can visit www.danethadoe.com.
o I love Twitter and would love to connect with you. Find me @danethadoe
o Have a fabulous day!
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Time for Q&A
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