If you own a business, you have to do quite a bit more than simply sit in front of a computer day in and day out. Unfortunately, a lot of your time is probably used up in meetings with employees and clients and doing every other thing you need to do in your personal and professional life. This leaves little time for integral duties like managing your company’s cash flow. Keeping tabs on your accounts receivable and payable activity and monitoring your inventory can be really difficult if you’re dashing around town all day trying to get other things done for the business. Luckily, there’s no need to lug your laptop around or frenetically search for a coffee shop with free Wi-Fi. You can run a lot of your business from your smartphone. Specifically, you can manage your company’s cash flow with inventory management software and apps for your phone.
To properly manage your company’s cash flow, you have to pay very close attention to your company’s accounts receivable. You should try to keep tabs on which of your customers pay in a timely fashion and which ones don’t. Additionally, you should keep track of which customers still owe you money. To monitor your customers’ payment habits, you can make an aging report on Microsoft Excel. You can view and update the report from your smartphone with an app like Documents to Go. Documents to Go and other similar apps give you access to Microsoft Word, PowerPoint, and Access from your phone as well, which can help you out with your other
professional duties as well.
Establishing an accounts payable system that works for your company is essential. You have to ensure that you don’t end up having to pay suppliers when you have insufficient funds to do so. Generally, you should wait as long as feasible to make payments to your suppliers. Rather than sending a payment in the mail several days before a deadline, set up an electronic funds transfer option at your bank. You can make electronic funds transfers to your suppliers on the same day a payment is due. Most banks have mobile banking, and you can make electronic funds transfers from your smartphone when you need to pay your suppliers.
A significant portion of your company’s cash is frequently tied up in inventory. Try to monitor your inventory as much as possible. You can do so easily with inventory management software. Look for cloud software you can use from your smartphone. Once you have the software up and running, you’ll be able to monitor all your goods in progress, finished products, and raw materials. Additionally, you will always know which products are selling well and which are not. This will help you figure out what to order more of in the future. Since an increasing number of suppliers are doing business on the cloud, you may be able to order some of your materials from your phone as well.
Stop rushing back to your office to manage your cash flow. With apps and software, you can run practically your whole business from your phone!