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Fail to Plan, Plan to Fail - 7 Cash Flow Management Mistakes

This presentation described about the cash flow management mistakes of any business and how to save money and operate more efficiently. AccessWallet helps business and other organizations automate their payment system and improve their cash flow.

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Fail to Plan, Plan to Fail - 7 Cash Flow Management Mistakes

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  1. “FAIL TO PLAN, PLAN TO FAIL” 7 CASH FLOW MANAGEMENT MISTAKES

  2. 7 Cash Flow MANAGEMENT MISTAKES Cash Flow is critical to the survival and success of any business, club or charity. The latest statistics back this fact up; over 70% of UK SMEs experienced late payments in the last 12 months. 43% cited this as a reason for lost profits, and many businesses paid the ultimate price, with 26,000 dissolved in June 2013 alone - Cash Flow was the most common reason given. But even armed with this information, it remains a challenge for the right person to get buy-in from other departments and install the processes that will ensure Cash Flow is being managed efficiently. AccessWallethas identified 7 key areas where good Cash Flow managementis likely to be lacking. Recognise the warning signs and tackles these issues robustly to increase your Cash Flow and avoid becoming a casualty.

  3. 7 Cash Flow MANAGEMENT MISTAKES WHERE’S THE PLAN? It sounds obvious, but often the biggest flaw in a company’s Cash Flow Management is not to have a plan. A successful Cash Flow Management plan will include a Cash Flow statement, define targeted inflows and outflows, and help you make month-by-month projections.

  4. 7 Cash Flow MANAGEMENT MISTAKES NO LIMITS Another common Cash Flow error made by businesses is not defining various credit and debit limits. For example, it is usually worthwhile setting a limit on your monthly outflow. BLURRED VISION Any business will struggle without visibility of due dates for credits and debits. Although this information won’t always be predictable, it should give you a fairly accurate picture of your Cash Flow. LOST CONTROL A lack of internal controls and processes is the root cause of many Cash Flow issues, from minor mistakes to major fraud. You should take time to carefully define relevant internal controls, and establish processes to protect your business at all levels.

  5. 7 Cash Flow MANAGEMENT MISTAKES SHORT TERM THINKING Cash Flow can be seriously impacted by committing short-term funds to purchases that could be considered ‘long-term’. It usually makes good financial sense to divide funding into ‘short-term’ and ‘long-term’ investments. A LACK OF SECURITY Unfortunately, a lack of security often goes hand-in-hand with unexpected cash losses. This scenario can be avoided by combining improvements to your internal controls with a robust audit of your security, including password upgrades, vetting of your employees and credit checks for customers. STALE REPORTING Proactive, in-depth and informative reporting is integral to the success of many businesses. On the other hand, if your reporting relies on tired or obsolete hardware and software, you may be at a disadvantage! If you are unable to view your Cash Flow figures at anytime, anywhere in the world, then it may be time for an upgrade.

  6. 7 Cash Flow MANAGEMENT MISTAKES Quick Recap WHERE’S THE PLAN? NO LIMITS BLURRED VISION LOST CONTROL SHORT TERM THINKING A LACK OF SECURITY STALE REPORTING

  7. Now more than ever, it’s vital for businesses, clubs and charities to do all they can to save money and operate more efficiently. That’s why many of them are turning to AccessWallet.

  8. 7 Cash Flow MANAGEMENT MISTAKES AccessWallethelps businesses, clubs and charities automate their payment systems and improve their Cash Flow, by using next-generation Cloud-based technology backed up with bank-grade security that protects all incoming and outgoing data. Because our Direct Debit and cash management solutions are Cloud-based, we are able to manage and maintain the infrastructure that supports our service - so our clients don’t need to invest any time or money installing product updates or configuring hardware.

  9. To find out how AccessWalletcan help transform your payments and take control of your Cash Flow visit www.accesswallet.com AccessWalletCEC Winchester - Crawford Place,259-269 Old Marylebone Rd, London NW1 5RA Tel: +44 (0) 203 282 7154 Email: info@accesswallet.com Blog:blog.accesswallet.com Regulated by the Financial Conduct Authority (FCA).

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