Accounts payable is one of the most important tasks in every modern business. Every firm must pay its debts; you cannot afford to do this wrong. It is critical to managing invoices in a timely and correct manner to maintain excellent relationships with suppliers. A strong accounts payable system guarantees that obligations are not carried on your books for…
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Top 5 Cash Flow Tips Every Business Owner Needs
Every organization believes cash is king, but only 33% use a business intelligence tool to manage their cash flows. For those who use accounting software, creating entries, sending invoices, and following up for payments is most often a manual process, which requires time to monitor cash flow and make a report. Additionally, according to a recent survey, 74 per cent…
The Impact of Bad Debts on an SME
Businesses rely on income received from sales to pay off their expenses and other company operations. However, in every organization, there’s some uncertainty of debtors not paying dues because of an unexpected liquidity crunch. Especially during the pandemic when many businesses have faced losses, bad debts have become common across every industry. An increase in bad debts has various consequences. They…
How to streamline credit control process for small businesses?
Every business owner, large or small, needs to ensure that their customers are paying on time. As the recovery of debt is often time-consuming and unsuccessful, having proper credit control measures in place helps businesses manage cash flow better. What is Credit Control? Credit control is explained as the lending technique used by banks, financial firms, and business owners to lend money to consumers. Credit control focuses…
How to manage cash flow issues in a wholesale business?
Cash flow is the lifeblood of any wholesale business. Positive cash flow enables you to run your business efficiently, pay your expenses, match client expectations, and reinvest in your company for growth. So, knowing that cash is king, how can you better manage it? While it is true that all businesses must maintain their cash flow…
Why should businesses have a proper invoicing system?
Every sales process concludes with the collection of the necessary money; yet, due to late payments, not all businesses have a streamlined sales process. Every small business relies on these payments to survive and run properly. A proper invoicing system is essential for ensuring that payment procedures are effectively explained to customers. A company that…
Switch to better account receivables management with BFM
On an average, 90% of invoices in India are still handled manually and, 12% to 15% of them require a payment reminder. As a business takes more time to collect the receivables, the need to fill the cash crunch increases, thereby increasing the demand for working capital. Account receivables is the money that an organization would get from their customers who have purchased goods or…
How to collect payments faster from debtors?
Are you spending restless hours checking payments from your customers, debtors, or partners? Is your finance team battling to tally transactions and reconciling them? Was that a YES, YES, YES, YES? “According to a survey, 79% of small businesses have struggled to pay a supplier and have faced cash flow issues, up from 71% pre-pandemic in 2021” As a result of these cash…
Why Use Tally on Mobile with ZikZuk BFM?
In this fast-paced business world, growth is inevitable! When a company is founded, it aspires to reach a certain point. This point is what we call ‘Growth.’ Numbers are critical to the success of any company. Revenue, expenses, overheads, inventory, sales figures, and profit are all significant figures. Small business owners are frequently preoccupied with day-to-day operations, which makes it difficult to grasp the…