Skip to main content

Blog

Welcome to Numetrica's Blog — your hub for expert insights on accounting, bookkeeping, finance, and business strategies.
4 minutes reading time (752 words)

The Top 7 Cash Flow Management Tips For Business

Cash flow management is one of the most important facets of owning and operating a successful small business. Whether you’re just starting out as a business, or you’ve been operating for years on end, how you manage and oversee your businesses cash flow can impact your growth.

Have you grown so quickly you don’t know what to do with the newfound flow of cash? Or maybe you never took the time to truly understand a well-managed cash flow and are now scrambling to catch up? Whatever the case may be for you and your small business, there’s no better time than right now to learn what the top 7 tips to better your cash flow management.

Build your cash flow engine.

What do we mean by that? It’s really exactly what it sounds like. It’s crucially important to set your business up so that money is working for your around the clock. Building interest on your cash flow can be something most small businesses don’t take into consideration initially. Think about it, the faster your business grows, the more interest you’d be building!

Opening up an interest-bearing business account that would serve as your central hub for your cash is the way to accomplish this.

Use the software and use it well to monitor cash flow

Knowing what your cash flow is and where it is can help you reduce your stress as a business owner. Take advantage of all of the accounting software out there on the market, and you can do this without breaking the bank. Any of these types of software allow you to monitor you cash flow management properly.

Don’t make payments all at the same time, spread them out!

Going in and making your payments on bills, etc all on the same day can be a death trap for your business’ cash flow management. After you pay everything, you’ve got nothing left to build interest or even cover any unexpected costs that may arise. Use your digital banking to go in and outline your payments each month so you’re splitting up any payments. This way you can ensure that they’re all on time while also being business savvy and leaving some cash flow in your engine.

Don’t let customers carry P.O.’s.

This can be a place where new small businesses especially can get caught up. They want to build a strong customer base so an owner will give customer friendly payment terms. Quicker than not, this becomes unsteady and dangerous ground that your business is being built on. Yes, you want to build a solid customer base but you can do this without letting them take months to pay an outstanding P.O. Doing things like online invoicing software that send automatic reminders and offer one-click payment options make it easy for them to not forget to pay you!

Time your payments.

The timing of your payments goes hand in hand with what we discussed earlier. Even when you’re breaking up your payments every month, the longer you can keep your cash flow in your bank account, the longer it’s earning you interest on every dollar. When making payments, schedule their automation through your online bank to be paid the last day before they’re due.

Cash flow reduction.

We know this sounds contradictory, but think about it for a moment. If you find yourself spending hundreds monthly on maintenance and repairs for capital equipment, you’ll save money by buying new equipment. Buy used equipment that’s still in good shape and keep them lasting by keeping them in as solid and working condition as you can. This will allow you to delay full on equipment upgrading costs until it’s absolutely necessary. Even in today’s day and age some other vendors are even open to bartering for your products for their supplies. Give it a shot and see!

Help payroll work for you.

Choosing the right payroll management software is a crucial part to your business cash flow management. Have your payroll account as a separate bank account from you main operating account. Then the day before paying salaries transfer the funds so that your cash stays in your interest-bearing account as long as it can. Direct debit payments can help save you money in your monthly overhead costs. Running on bi-monthly instead of bi-weekly payments, this will allow you to save on your admin costs each year.

If you’re looking for other ways to better your business cash flow then now is the time to let Numetrica help you.

×
Stay Informed

When you subscribe to the blog, we will send you an e-mail when there are new updates on the site so you wouldn't miss them.

Important Personal and Corporate Tax Return Deadli...
The Most Common Cash Flow Problems Small Businesse...
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Friday, 29 March 2024

One-Stop Shop for Accounting
and Bookkeeping in Ottawa

Frequently Asked Questions - FAQs

Does Numetrica offer tax services for small businesses in Ottawa?

Absolutely! Numetrica is your expert small business accountant in Ottawa, dedicated to providing exceptional tax services tailored for the unique needs of small businesses. We are committed to delivering expert tax preparation, accurate filing, and insightful strategic planning. Our tax services are designed to efficiently minimize tax liabilities and enhance deductions, ensuring that your small business not only adheres to the latest tax regulations but also optimizes financial opportunities.

What makes Numetrica different from other accounting firms in Ottawa?

Numetrica stands out as a leader among accounting firms in Ottawa for our personalized approach & comprehensive expertise in accounting & bookkeeping services. We focus on building long-term relationships with our clients, offering customized solutions that evolve with your business.

What accounting services does Numetrica offer in Ottawa?

Numetrica provides a comprehensive range of bookkeeping and accounting services in Ottawa, including financial statement preparation, tax planning, payroll services, and business coaching.

Our Ottawa accounting firm specializes in both personal tax and corporate tax services, providing tailored solutions to meet the specific needs of your business or personal finances. Whether you're a growing business seeking robust corporate tax strategies or an individual in need of personalized tax guidance, Numetrica is equipped to deliver excellence.

How can Numetrica's bookkeeping services benefit my business in Ottawa?

Our bookkeeping services in Ottawa offer meticulous record-keeping and financial analysis, helping you make informed decisions, maintain cash flow, and streamline your financial processes. We use the latest software and practices to ensure your finances are managed efficiently.

How much does bookkeeping cost in Ottawa?

The cost of bookkeeping services in Ottawa can vary widely depending on several factors such as the size of your business, the volume of transactions, the complexity of your financial needs, and the level of expertise required.

Contact us detailed quote based on your specific business needs. Remember, investing in professional bookkeeping can save you time and money in the long run by ensuring accurate financial records and compliance with tax laws.

Numetrica Accounting

Awards / Featured On

Reviews

Check what some of our clients are saying about our services.
  • Samantha Biron

    I highly recommend Moe Tabesh. His service is phenomenal, to say the least. His tax knowledge is extensive and he’s been able to save me a substantial amount of money by following his recommendations. In addition, he is warm, kind, understanding, positive, and flexible, which are qualities I find rare in most accountants I’ve worked with. You’re in good hands with Moe, I can’t recommend him enough.

    Samantha Biron

    President and Founder, Find Your Tribe
  • Jeremy Prudhomme

    Moe and everyone at Numetrica have been incredible at helping with my new corporation and corporate and personal tax returns and my other small business. Their accounting skills are out of this world and the technology they use makes everything so simple and fast. The time you will save will be worth every penny. Thanks again Moe for all your help!

    Jeremy Prudhomme

    CEO, Jeeman TV
  • Farshid Dehnavi

    Mr Tabesh (Captain Number Cruncher) and his perfect team are not only professional in their fields, they are extremely passionate about their clients! Numetrica City continues to support us with corporate and personal tax returns, bookkeeping (thank you so much Sherry ) and We are so happy and appreciative for you and your responsible team, Moe!!!
    I really recommend these guys to everybody.

    Farshid Dehnavi

    President and CEO, Ink Plus
  • Keddy Declan

    I did my first Corporate tax return and cloud accounting with Numetrica City and I am very satisfied with the work they did. The team was very responsive and answered all my questions. I 1000% recommend their services.

    Keddy Declan

    CEO , IT Referrals
  • Sibeso Kehinde

    I would highly recommend Numetrica City-Accountants, Tax and Bookkeepers. Exceptional customer service. I am assured that all my company tax services and payroll are taken care of because of the great team that Moe has. I like the fact that I do not have to worry about driving to a physical location for my accounting services, my company's accounting tax preparations are done online due to the excellent cloud service Numetrica City has. Definitely score a10/10. Thank you for all the good work that you guys do. Greatly appreciated!

    Sibeso Kehinde

    OUR PROCESS

    Discovery

    Discovery

    We’d love to hear about your goals and aspirations. After understanding the big picture, we’ll dig into the details of your bookkeeping process so we can assess your needs.
    Proposal

    Proposal

    Once we understand your needs, we’ll send over a proposal that outlines our plan for tackling your challenges and a fixed monthly price for those bookkeeping services.
    Set-up

    Set-up

    Once you accept our proposal, we’ll get your bookkeeping tidied and up to date and begin implementing cloud accounting tools that will ensure proper bookkeeping going forward.
    Get Connected

    Get Connected

    Once the set-up is done, the hard part is over. You’ll be connected to your CPA-level bookkeeper and they will become your main point of contact.
    Reviews

    Reviews

    Once the clean up is done, the hard part is over. You’ll get connected to your bookkeeper and he/she will become your main point of contact. Don’t worry, we only select the best CPA or CPA students.

    Your Unfair Advantage

    Stay up-to-date on the latest accounting news, tax updates, and financial tips. Stay ahead of the game and make informed financial decisions with our expert insights and analysis. Sign up now to start receiving our newsletter!

    Join our family

    Clients

    Carling Dental
    David Pratt
    Vitallab Solutions
    iHotWeb
    Loon Kambucha
    Jeeman
    Samuel Associates
    Downtown Dental
    Numetrica

    Trust in the superhero accountants of Numetrica to keep your numbers in order and for expert advice on growing your business. Numetrica specializes in providing clients with in-depth accounting and bookkeeping services in Canada and the United States as well as financial advice to assist you in making the right decisions for your business.