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Out with the old, and in with the new is a common theme this time of year. Yard sales abound as folks get busy making room in the garage, perhaps for new purchases. Home improvement projects get underway inside and out after a long, harsh winter. Let’s not forget about personal improvement spurred by thoughts of a new bathing suit season fast approaching. Yes, out with the old. And, when it comes to your small business, there’s no better time spruce up your accounts receivables to help collect money owed to you faster.
“Cash flow is the lifeline of a small business. Periodic checks on current practices and new ideas may help to ensure that you are maximizing cash flow,” said Matt Steenson, head of PNC Business Banking.
Here are four ways to refresh your old accounts receivables practices:
“Whenever possible, opt to receive payment via electronic processing,” said Steenson. “Waiting on a paper check can delay cash into your business by three to 10 days.”
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It’s all about the money, whether it’s coming in (receivables) or going out (payables).
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