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Cash flow is how much net cash enters and leaves your business and is analyzed with the cash flow statement. Cash flow management requires constant monitoring, reporting, and adjusting to ensure your business has adequate cash flow at any given time. Although a dip or a sudden spike is not a bad thing, achieving a cash flow balance is of utmost importance for businesses of all sizes.
Every business wants to improve ROI and by constantly monitoring cash flow, you can comprehend your spending. You cannot improve your savings and cut down on your expenses if you do not know where you are spending. By tracking the cash flow of your business, you can understand exactly where you are spending. This allows you to see how many resources are being allocated in a certain area and enables you to decide if you can cut down on spending.
Planning your business activities is a task many small businesses leave only to regret later. Haphazardly performing business activities might strike gold for one time, but it can make your business go downhill from the next moment. Long story short, you cannot depend on your luck every time. By ensuring you manage your cash flow, you can determine what activity must be done at what time for maximum benefit.
Cash flow improves your relationship with your suppliers and enables you to maintain a good reputation. When you don’t have visibility into how much you owe to your suppliers, you don’t pay them on time. This can sour your relationship with your suppliers before you even realize it. This will prevent you from getting discounts and good deals on products you source from them. Cash flow visibility is vital to ensure you keep your accounts clear.
Cash flow management promotes sustainable growth for start-ups and SMEs. It is a myth that these business types can have a negative cash flow for a prolonged time. While having a negative cash flow isn’t bad if you invest in machinery that will cut down costs later or contribute to your business growth, negative cash flow should not become a habit. Without cash flow management, you will not uncover when you are consistently experiencing negative cash flow.
TallyPrime is a business management software that helps businesses maintain optimum cash flow by providing the following features.
Overdue bills can put a dent in your cash flow because you have surmounting debt that you need to pay. This is particularly true if you have to pay interest on the amount you owe (after non-payment by a certain date). The more you delay your payment, the more you have to pay in due course. Knowing your overdue bills ensures you can make payments and avoid paying hefty interest.
TallyPrime’s bill settlement option enables you to make bulk payments at once. This ensures you can pay multiple bills together. It saves time and effort as you no longer have to deal with settling bills one at a time. It also ensures you can focus on other business activities more vital for your business growth instead of being stressed about making payments. This ensures proper cash flow is maintained in your business.
Accounts receivable and payable management is crucial to keep your business running with ease and maintain a healthy cash flow.
Every time a new invoice is generated in TallyPrime, a unique bill reference is created so that you can better manage your outstanding bills. It takes an instant to know your pending bills. You can also easily charge interest on the outstanding amount using simple or compound interest calculations. As the calculation is done by the software, it is error-free and trustworthy. This makes it easier to manage the payments owed to you and reflects the correct amounts in your books.
Cash flow projection shows you how much cash inflow and cash outflow are expected in the coming months.
TallyPrime’s cash flow projections enable you to plan your expenditure better and manage your cash flow. With the help of cash flow statements and reports, you can plan how you expect to spend in the coming months without affecting your cash flow balance. Whether investing in new equipment or expanding your workforce, you will know exactly how you can spend your cash to benefit your business. TallyPrime’s reliable projection ensures utmost accuracy.
TallyPrime provides credit management where you can set the maximum credit limit. You can base this on the customer, so you are not providing more credit than you should, or you don’t mistakenly offer credit to a customer who is not worthy of it. TallyPrime has an alert feature that tells you instantly if a customer owes you from earlier if he did not clear a payment earlier. This enables you to follow up with your customer in the best possible way.
Customer purchases from you often and they usually pay on time or before time. But what should you do when they forget to pay or have delayed payment? Sitting around and waiting for the payment won’t help. The most practical way of dealing with this situation is sending payment reminders to your customers.
TallyPrime enables you to send payment reminders to your customers. You can send bulk email reminders whereby a set of email addresses from the ledgers will be selected. In this case, the corresponding bill details will be specified so that every customer gets details of how much they owe, including the interest charge levied, if any. TallyPrime makes sending and printing reminder letters simple and quick, thereby ensuring thorough management of bills receivable.
TallyPrime provides other features apart from cash flow management such as inventory management, invoicing, business reports, payroll management, accessibility, and security management. It has been built to manage every major aspect of your business from performing automatic bank reconciliation to managing inventory in various warehouses. TallyPrime is the ultimate business management software that ensures you get tasks done timely and efficient.
TallyPrime’s Flexible Voucher Numbering Capabilities for Accurate Recordkeeping