Cash is God: Right now as we experience the covid effects on our economy.

Beany was lucky enough recently to hear Derek Handley talk about how to survive in the time of Covid. One of his main points was tha

Cash is no longer king, it’s God!

One of the toughest parts of running a business is managing your debtors.  We all like billing, but most of us hate chasing people who haven’t paid. 

At this time, it is critical that you keep on top of your debtors and don’t let bad debt accumulate.

Here is a handy checklist to think about to help manage your debtors:

  1. Do you know how much money your company is owed by your customers over 30 days? 
  2. Do you know how old your debtors are?
  3. Do you have a plan for catching up on old debt?
  4. Do you like calling your customers and asking for payment?
  5. Do you usually collect your debtors quite easily?

You might have a problem with your debtor management, if you’ve answered NO to at least 3 out of the above 5 questions.

For a solution, you could look into the option of using Drip. It’s an online platform that may solve some of your problems.

Drip is an overdue payment solution which helps you collect that cash and get it into your bank account.

This was a guest post from Beany.
Beany are online accountants who specialise in looking after small business owners and their businesses.  We offer a full range of accounting services and love working with our clients to help them minimise their tax and maximise their time without having to worry about tax or accounting issues.

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