Every organization believes cash is king, but only 33% use a business intelligence tool to manage their cash flows. For those who use accounting software, creating entries, sending invoices, and following up for payments is most often a manual process, which requires time to monitor cash flow and make a report. Additionally, according to a recent survey, 74 per cent…
Month: November 2021
The Impact of Bad Debts on an SME
Businesses rely on income received from sales to pay off their expenses and other company operations. However, in every organization, there’s some uncertainty of debtors not paying dues because of an unexpected liquidity crunch. Especially during the pandemic when many businesses have faced losses, bad debts have become common across every industry. An increase in bad debts has various consequences. They…
How to streamline credit control process for small businesses?
Every business owner, large or small, needs to ensure that their customers are paying on time. As the recovery of debt is often time-consuming and unsuccessful, having proper credit control measures in place helps businesses manage cash flow better. What is Credit Control? Credit control is explained as the lending technique used by banks, financial firms, and business owners to lend money to consumers. Credit control focuses…