The anytime access, Who Owes Me, and Who I Owe features provided by ConnectBooks make managing Cash Flow a challenge that is conquerable.
Chantilly, Virginia (PRWEB) November 27, 2012
Cash flow problems are constant for those engaged in a small business. These problems are almost considered a given, although there are small businesses that even thrive during difficult economic times. However, check out the small businesses in your area and you’ll wonder how they manage to stay in business, considering the tough economic times. Cash flow issues can result in a shortfall if not properly managed.
There are three major steps in avoiding a shortfall each month:
1. The first step in management of cash flow is to look for a potential shortfall each week throughout the month. Only by continuously monitoring financials can shortfalls be avoided. Since income must meet or exceed expenses to avoid a shortfall, those metrics need constant monitoring.
2. Review potential revenue streams. ConnectBooks offers two special reports in the Dashboard Menu Options. “Who Owes Me” itemizes all customers who have outstanding balances. First, assess your relationship with each client and, if possible, encourage them to pay for invoices when due. Consider offering discounts for early payments to increase the income stream. Drill down into customers with balances due to offer options on specific invoices.
3. The Dashboard also provides “Who I Owe” to focus on your suppliers. Consider your options for delaying payment and relationships with the various vendors. After intelligently choosing vendors who will work with you on delayed payments, contact them and present the plan. Vendors are much more willing to work with clients who present a reasonable plan for payment. The most important piece of advice is to talk to your creditors. Your company won't be the only one that is short of cash, but if you explain your difficulties—and more importantly—have a plan to get out of the shortfall, then you'll most likely get a sympathetic hearing.
An important feature of Sage 50-US Edition is that users can create custom reports and graphs. Custom reports and graphs are used to convert accounting data into targeted, usable information that drive decisions by owners, accountants, and others in leadership positions. Having anytime access to such information is essential to proactive management in this revenue starved economy where managing cash flow is essential to success (see adjacent image referencing a Cash Flow Report).
Historically, owners and accountants have been unable to access their critical accounting data when away from the office. Constant access to data is essential to properly manage cash flow each month, which is the biggest challenge to the small business owner. ConnectBooks provides that essential service so owners and accountants can continually assess the financial health of the company.
ConnectBooks is a mobile application that provides remote access to small business accounting systems using Apple iPhone, iPad, and Android smartphones and tablets. CPAs, Executives, managers, and field technicians now have anytime, anywhere access to their accounting information using the devices in their pocket or on their belt.
Click here to go to our website to subscribe or review the benefits and features of ConnectBooks.
About the Company:
ConnectBooks for Sage Peachtree is a product of IntelleApps, LCC. IntelleApps is a fast growing company with an exclusive focus on developing state-of-art mobile apps for the Apple iOS and Google Android platforms.
IntelleApps is located in Chantilly, VA, USA and is a Sage Development Partner. Sage Corporation is the Creator and Owner of the Sage 50-Canadian Edition and Sage 50-US Edition accounting software products.