February 4, 2022Cash Flow , Late Payments
Everything that happens leading up to signing a new wholesale customer is the hard part. You need to create a product, then produce it at a price that stacks up. You then need to create a brand, get the name out there, visit customers, negotiate pricing, volumes and get them to say yes. As I …
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The financial health of a business is arguably the biggest determining factor for longevity. This is why accounting plays such a crucial business role. However, no matter how skilled the accountants you have onboard may be, the more manual processes involved in accounting, the higher the risks of human error. Accounting software greatly eliminates these …
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January 11, 2022Cash Flow , Late Payments
Some industries, such as retail and food service, operate primarily on a payment at the time of service basis. However, most business-to-business transactions are made on credit. This means goods or services are delivered before payment is received. Accounts receivable is how businesses track the money that is owed to them for goods or services …
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In 2021, DEAR Systems made significant updates to its platform. Their core product is better, faster and has built unique ways for products sellers to grow. An area where functionality has expanded has been payments, having launched DEAR payments in addition to partnering with 5 other payment services providers. These payment providers process credit card transactions …
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November 19, 2021Cash Flow , Late Payments
82% of businesses fail due to poor cash flow. Most of these businesses are wholesale/suppliers who offer their goods on trade credit. Why do they fail? Late payments. You probably already knew this. You’re in the game yourself and face these problems on a regular basis. Late payments are a large problem for small to …
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Cash flow is key to the success of every business. Poor inventory management can negatively affect your cash flow, the overall productivity of your business, and your bottom line. But if you’re a growing company, you may not realise just how much a solid inventory management system can improve your cash flow. How cloud …
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You need to track more than just revenue when it comes to building a healthy cash flow business. The reality is, that revenue reports can lie, even unintentionally. Yes, it shows you how many customers you have and how much they spend with you each month, but it really doesn’t show investors how much cash …
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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 its risks. It leaves you open to late payments, and in some cases, no payment at all. …
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July 19, 2021Cash Flow
Reviewing your supply chain risk has become one of the most important tasks to tackle in recent times due to the pandemic. Supply chain disturbances have been a common occurrence lately due to the shutdown of borders and lockdowns. This has left many businesses vulnerable and has caused a large loss of revenue for those …
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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 you don’t understand the importance of …
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