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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software

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Cash Flow Tip – How we got steady cash flow for our client

images/CashFlow.jpgOne client of ours was struggling – with money coming in then drying up and bills to pay!! He couldn’t achieve steady cashflow because he was pulled with all the many tasks of a growing business that the owner must juggle! WE have found a system that improves getting paid and is more consistent than the old traditional monthly statement and phone call method of traditional business practice.

Q - How he was struggling

One week he could get on top of who owed him what, and what he owed, then, he was out of touch again within a week with calls, quotes, staff issues, client issues and so on. He’d stay up after the children and wife was in bed and it was quiet, to concentrate and get back on track – but it was making him more tired and he was being drained.

A - How he bit the bullet and solved the problem

He decided to call us back in for regular help – that would free him up to work on what he did well, and win more clients to grow his business!

  • We got all his bills to pay, nagged him to check all his emails and that all bills were emailed to our account email, and entered them in the software – about 10-15 min work – now there is a list of what is due, and when! Up to date!
  • We reconciled the bank for the last month, checked where it was at because the accountant office was reconciling it monthly. And checked that the last quarter was correct, as some invoices were of the same $ but remittances from clients said they paid different ones and not always the oldest! Re-did some payments, aligned the correct ones paid. Up to date!
  • We synchronized the project software with his accounts software, and checked the 2 systems had the same invoices due, by number and $ - the invoices export into the accounts software, but unfortunately the accounts can’t update paid invoices back into the project software – hopefully this will be rectified in time! Up to date!
  • Filed all paid invoices, checking back on the bank when paid and making clearly as paid, then in folder alphabetically.
  • Reported on clients due – debtors – accounts receivable, in an aged report to be able to easily see what was overdue – the business had 7 day terms – of course many larger businesses ignore and still pay on 30 day cycles! There were 12 well over due, 5 just a day over due, and 10 not due as yet.
  • Reminders – emailed all over due outstanding receivables with a friendly tone, and “REMINDER” at the start of the subject message so it stood out.
  • System – send reminders FORTNIGHLY – not monthly! It’s too long and people forget! And for those well over due – WEEKLY email reminders

C - RESULT

  • Over 3 weeks the old 12 outstanding accounts were up to date except 1!
  • Only 1 client needed to be called after several reminders, excuses, requests for invoices again by accounts – the usual delay tactics that indicate possible cashflow issues!
  • Regular clients realised we were on to them straight away after the 7 days due!
  • 70-80% now pay before, on time, or a day or two after the time due!
  • Client has regular income to cover expenses.
  • Client is sleeping better and serving prospective and new clients with more enthusiasm and energy!
  • Low costs – all this weekly for under a few hundred dollars!!!
  • Peace of mind with professionals handling what they can do very well!

Need help? Not sure? Call for FREE 30min advice / strategy session today! 0407 361 596 Aust

Call and you also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

Email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0407 361 596 Australia

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MYOB – MYOB running slow – Tips to speed up

images/MYOB logo new.JPGIf you find your MYOB running slow all of a sudden while you are doing the books, or when you came back after a break, here are some tips that may help speed up the programme –

Win10 –

In the Cortana box, lower left corner, type “Run”

Click the App “Run” in the list

Type “%localappdata%” > OK

Go to the MYOB folder

Go to the AR folder > 2017.1 > Cache folder (or current year of version you are using)

Delete all files there “Company File Cache”

Close the window

Then

In the Cortana window, type “Run”

Click the App “Run” in the list

Type “CMD” > OK

At the cursor type “ipconfig /flushdns” (note there is a space after config) > Enter key

Should get a message.. successfully…

Close the window

Then

Restart your PC

Win7

Click the Windows button, lower left corner

In the search box, type “Run”, and continue as above

Need help? Not sure? Call for FREE 30min advice / strategy session today!

Call and you also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

Email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0407 361 596 Australia
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