In a recent survey of Ceridian’s clients, entrepreneurs and small business owners identified cash flow as one of their greatest concerns.
On top of all the demands of running a small business, you must ensure you have enough money to cover your expenses in a timely manner.
These Top Five Cash Flow Tips may be just the insight you need:
1. Invoice Quickly
It’s inevitable that some customers will take more time than expected to pay, but by invoicing as quickly as possible, that process can be significantly shortened. Prompt revenues make cash flow easier.
2. Offer a Variety of Payment Options
When customers can pay in person, over the phone, or online, it’s less of a hassle for them to find the time. The easier it is for them to pay you, the faster they’re likely to do so and the smoother your cash flow will be.
3. Use a Small Business Payroll Solution
Finding an efficient and effective way to run your payroll is critical to a smooth cash flow. The right solution can help you ensure your employees are paid accurately and on time. You can even invest your time and cost savings in monitoring cash flow. A small business payroll solution can also help you with the final two tips:
4. Keep employee records up-to-date
Employee records are your window to your workforce. When you know exactly who is working for you and their usual hours, you can better predict your ongoing labour costs. Ensuring these records are accurate enables you to more confidently predict these expenses and manage your cash flow accordingly.
5. Automate Tax Filing Services
Just figuring out what’s taxable and what isn’t can be a hassle. By automating your tax filing services, you not only get it right, but you also ensure the money is taken out each pay period. You won’t get surprised by a big tax bill at the end of the quarter or year, making cash flow smoother.
For more information about creating a smooth cash flow or any of Ceridian’s small business solutions, call us toll-free at 1-855-968-7775 or visit us online at www.ceridiansmallbusiness.ca.