July 26, 2021Cash Flow , Late Payments
In industries, such as wholesale and distribution, credit is seen as a necessity when doing business. Credit offers you a way to sell more to your customers and grow faster. However, sending out goods before receiving payment has it’s risks. It leaves you open to late payments, and in some cases, no payment at all. …
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The Best Way to Reconcile Invoices Reconciling your customers invoices is an important step in your accounting process. Not paying proper attention to this can not only cost your business revenue, but also affect the relationship of those you do business with. Shockingly, a large number of small businesses and SMEs skip this step. Whether …
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April 26, 2021Cash Flow
The impact of supplier hopping When buyers purchase goods on trade accounts there is always a risk that buyers will take their stock and run. This is called supplier hopping. The way it works is: A buyer signs up with a supplier and orders some stock on credit. The stock is delivered and an invoice …
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April 21, 2021Cash Flow
Can you locate your credit applications? Does this sound like you? You give your customers payment terms or trade credit. Part of the process is for a buyer to complete a credit application. Your credit application is in PDF or paper form. You send it off to new buyers in the hope that it will …
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July 22, 2020Cash Flow , Late Payments
The false economy: Pencil’s top 6 trade credit rules Victorian small businesses had a false start last week. Shop owners everywhere tried to make the best of a bad situation, big orders were placed with suppliers and storerooms were stocked. Let’s stop for a moment. You have tens of thousands of small businesses that have …
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October 2, 2019Cash Flow
5 rules to help manage your small business cash flow “Cash is king” is an overused expression, but it is a saying that is true and vital to a small business’s survival. One of the main reasons why small businesses fail is due to the poor management of cash flow. So here we have listed …
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