Why a Financial Policy And Procedures Manual is Essential for Every Business

shutterstock_204997090For any business, setting up a Policy and Procedures Manual is critical. Accounting and business record-keeping is vital, as it allows for monitoring progress through different time periods. It evaluates budget versus the actual spending, and the records will come in handy when time comes to sell the business. Legal proceedings are also well served by these records.

Aside from record-keeping, businesses are dynamic environments and there are other regular staff interactions with finances in the company.  For example, businesses regularly add new clients and suppliers, which involve authorizations on who to accept as a reliable client or supplier. Other business transactions include:

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Collect On Your Debt Without the Cost of Court

The-Probe-Group-1aAs a creditor, there are always legal options available to collect on your debt. However, depending on the circumstances, these methods can be timely and costly. An alternative is to try and negotiate with the debtor to settle the matter.

Negotiation has many benefits. It saves on time and costs, it is a less aggressive approach and therefore can save on the emotional stress of a legal process, and negotiation typically encourages a quicker resolution.

This article will broadly explore some strategies for negotiating including:

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Good Vs Bad Debt Collection Strategies

shutterstock_158319194The strategies adopted by a business when collecting debts impact not only on the profitability of the business, but also the brand and reputation of the business.

This article looks at both good and bad debt recovery strategies and when it is best to hand bad debts over to a professional.

Poor debt collection strategies

Poor debt collection strategies fail to recover debts, fail to build relationships with customers, and impact negatively on the image of the creditor business.

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Customer Payment Tips

shutterstock_129059471Accounts receivable is the most important department in any business, as sales are not sales until payment is received. Late payments not only affect your cash flow, but can also prevent you from paying your own bills on time.

This article looks at ways you can encourage your customers to pay on time, how you can make it easier for them and when you should draw a line and call in the professionals.

10 tips on getting your customers to pay their bills

There will always be customers who do not pay on time, but there are things you can do to encourage the majority to pay you closer to the due date. The following are ten simple ways to reduce the time between issuing the invoice and receiving payment.

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A Guide to Cash Flow Management

Dollarphotoclub_45635697Cash flow is the amount of money that comes in and out of a business over a given period of time. While ideally there will always be more cash coming in than is going out, there will inevitably be times when this is not the case and that is why managing cash flow is so important for a business.

This article looks at how to create a cash flow forecast and some of the ways you can manage your cash flow better to ensure the long term health of your business.

How to forecast cash flow

A cash flow forecast is a document that shows the amount of cash a business expects to receive through payments for goods or services and the amount it expects to pay out on monies owed. It is usually a snapshot of a specific period, ideally a week or a month.

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