Whether you're a budding marketing guru or a full-fledged agency, most businesses have had difficulty maintaining a consistent cash flow. While we typically put the pressure on our sales team to turn more leads, often times we can look to our finance department or how we manage our books to help our business run more smoothly.
Below are 3 easy ways to immediately improve your agency's cash flow.
- Upgrade Your Bookkeeping Program.
- Does your agency use Excel or a desktop software for your bookkeeping? Unfortunately, these tools need to be updated manually and don't allow you to see a true financial picture in real time. I highly recommend switching to a cloud based program. Three of my favorite tools are Xero, Wave, and Freshbooks. These programs are intuitive, give you real-time holistic financial information and are beautifully designed. If you want to learn more about these programs, click to read my post.
- Automate your invoicing.
- Does your agency create invoices in Word or within a design program? Creating your invoices within your bookkeeping program will save you time and headaches when you need to gather financial information quickly. This is the easiest way to improve your cash flow immediately.
- Make a list of your client's Accounts Payable contact.
- Do you know who handles the bill payments for your client? Find out and make them your BFF. Getting to know the person who will actually pay your invoice is probably not a bad idea. And they probably have a ton of work on their plate, so your invoice may be forgotten if you don't give them a friendly nudge. I recommend sending them flowers and chocolate. Just kidding. Sorta.
Danetha Doe is a cloud accounting expert. A business coach and former NFL Cheerleader, she is on a mission to bring sexy back to the world of accounting.
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