Avoiding bad debt with better debtor management

debt-management-plan

Ask yourself – What would your business world look like if you could reduce your debtors by half?  What would you be able to buy for your business?  What cash flow problems would go away?  What would you be able to do with that money for your family?

We have compiled a list of 17 debtor management tips to ensure your cash flow management system is as robust as possible to keep your business healthy and growing.

These tips may seem obvious on reflection, but many businesses get bogged down and forget to apply these simple rules. Cash flow is crucial to the growth and survival of your business.  You may have won the sale but getting paid is just as important.

If you need assistance with your business please contact Lynda on (03) 9744 7144 or email lynda@mcmahonosborne.com.au our team is here to help.

General advice disclaimer – General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.
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Six questions every business owner should ask themselves…..

1. Is it important to know how much money you have in your business bank account?
2. Does your software or spreadsheets allow you to see how much money you have in your business bank accounts?
3. Over the course of a month, how long do you spend doing your bank rec?
4. Have you ever sent an invoice to someone that owes you money and they’ve turned around and said ‘I didn’t get your invoice?’
5. Has your accountant or bookkeeper ever asked you to provide them with your receipts, invoices or memorandums?
6. How long does it take you to process your super payments?

If you are answering yes to any of these questions then you need to watch our information video below where Co-Director Tim McCarthy talks to team member and Xero Specialist Kade Tronson on why so many of our clients are turning to Xero Accounting Software.

Xero still

If you would like to learn more about Xero Accounting Software please contact Kade on (03) 9744 7144 or email kade@mcmahonosborne.com.au