June 20 2023
Cashflow is one of the most important aspects of any business, as it determines the financial health and success of the organisation. Managing cashflow effectively is crucial for any business owner, and there are several tools available that can help in this regard.
Digital Invoicing
Digital invoicing is an electronic method of sending invoices to customers instead of the traditional paper-based method. It can help businesses save time and money, as well as reducing the chances of errors or lost invoices. Digital invoicing also allows businesses to keep track of their invoices and payments in real-time.
Here are some ways to use digital invoicing to improve business cashflow:
Send invoices promptly — Sending invoices promptly can help ensure that customers pay on time. With digital invoicing, you can send invoices as soon as the work is completed or the product is delivered, which can speed up the payment process.
Offer online payment options — Offering online payment options can make it easier for customers to pay their invoices. This can reduce the risk of late payments, and in turn, improve cashflow. With bzTrack, customers can pay via card, account-to-account or by using BPAY with more options to come soon.
Invoice on the spot. bzTrack’s mobile-optimised dashboard means you can send invoices directly from your phone to your customers who can pay you on the spot!
Credit Checking
Credit checking is the process of assessing a customer’s creditworthiness before extending credit to them. It can help businesses reduce the risk of late or non-payment by ensuring that customers have a good credit history and are financially stable.
Here are some ways to use credit checking to improve business cashflow:
Screen customers before extending credit — Before extending credit to a customer, businesses should check their credit history to ensure they are financially stable and have a good track record of paying bills on time.
Establish credit limits — By setting credit limits for customers, businesses can ensure they don’t extend credit beyond their financial capacity. This can help reduce the risk of late or non-payment.
Monitor creditworthiness — Businesses should monitor their customers’ creditworthiness regularly to ensure they are still financially stable. If a customer’s creditworthiness deteriorates, businesses may need to re-evaluate their credit terms. We offer simple and comprehensive credit reports provided by our partners, CreditorWatch to ensure you know the risk when you’re doing business with a company.
Pay bills quickly with bzTrack
Invoicing takes time, as does paying bills. However, you can reduce the time it takes to pay your bills by using bzTrack. When you create an account on bzTrack, you can set up as few or as many bank accounts as you like — and when you go to pay a bill, you won’t need to open up your banking app or copy and paste in the bank account details every time. Saving hours every week. Take a look at our quick video to see how it’s done
Improving business cashflow is critical for the success of any organisation, and tools such as digital invoicing and credit checking can help in achieving this. By adopting digital invoicing and credit checking processes, businesses can ensure that they are paid on time and reduce the risk of non-payment.
Head to www.bztrack.com to join bzTrack for free!
