One of the challenges of running a business is knowing exactly where your money is at all times. Contracting the services of a Melbourne accountant can help you manage just that as well as gain better business and financial intelligence.
Here are some tips on how you can increase your cashflow and how your Melbourne accountant can help you with these strategies:
Sit down with your Melbourne accountant and review your financial data. It will provide you greater insight on how you can improve your cash balance by increasing your sales price. With the help and expertise of your Melbourne accountant, you will be able to make a better study on what is the ideal price and how your products and services are priced competitively.
While this is not always the perfect solution, it is important to note that prices should be reviewed at least once a year.
Just how much stock do you have on hand? It is important to identify which ones are the fast moving and slow moving products so you do not end up paying for stocks that only gather dust on the shelves.
Most accounting software today features an inventory function. With the help of your Melbourne accountant, you can study the demand and supply and anticipate trends instead of having your cash tied up too much on inventory.
Make sure to pay invoices when they are due and not before, unless it comes with a hefty discount to pay in advance. Seek the assistance of your Melbourne accountant in keeping track of account payables and request of a cashflow forecast so you have a better picture of your finances.