Sophie Andrews

The Accounts Studio

Sophie is an award winning entrepreneur with over 20 years small business experience.

She is the owner of successful bookkeeping agency The Accounts Studio, as well as the founder and owner of small business consultancy The SOHO Agency and houseshare website Space4.

Cashflow

5 strategies to help you control your cash:

Have a firm grip on payables

Watch your expenses like a hawk, and:
- Establish good communication with your suppliers. If you ever need to delay a payment, you’ll want their understanding
- Have regular annual supplier price checks and requites
- Consider buying in bulk for better pricing

Keep on top of receivables

Improve your cash flow by managing your receivables. Things you can do:
- Credit checks on all new customers
- Offer discounts for customers who pay early
- Issue invoices promptly

Create a cash flow forecast

Get on top of what your cash is doing today, and what it’s doing tomorrow. With proper cash flow visibility, you will be able to see when issues might strike, and plan accordingly

Increase sales

It all comes down to how good your product is, what your competitors are doing, and your marketing strategies. Don’t make sales on credit; this will increase your receivables. You need cash.

Put these strategies into action

An hour spent dealing with cash flow crises is an hour less spent on your business. Maximising your cash so you don’t come up short can get you on the fast track to greater profits