One of the biggest challenges small businesses encounter is running out of cash. Business owners are often distracted by their daily activities and don’t realize that their business is running with a negative cash flow.
Here are some tips for monitoring your cash payments.
Tip #1: Check your balance periodically
A bank statement that balances means that all your transactions have been recorded correctly and the decisions are made using all the available information. Tracking your expenses is crucial when planning for a positive cash flow. Yubilly helps you track all your expenses in the same place. This makes the process simpler, faster, and better.
Tip #2: Avoid a paper mountain
Small businesses can have a lot of paper trail when it comes down to their expenses. Everyday purchases for our business can lead to a massive mountain of paper receipts, which can be harmful when tracking our expenses.
Yubilly offers a simple way of getting rid of all these paper trails. Opting for a paperless transaction, you can opt for an email receipt using your Yubilly email. The platform will filter for all SPAM and marketing emails that often come with these transactions and show the expenses line by line in your dashboard.
Tip #3: Inventory management
Managing your inventory is one quick way to ensure your cash flow stays positive. Low stock can risk your customer relations, but too much can be expensive and hurt your cash by increasing storage costs, spoilage, etc. A sound inventory system can go a long way to help you manage your cash balances.
Tip #4: Keep up with invoices
Plan your invoice strategy so they’re easy and straightforward to pay. This will help avoid late payments and mistakes. You do not want an invoice that will make it harder for the client to pay you.
Tip #5: Negotiate with your supplier
Another helpful tip is negotiating with your supplier for a more favorable payment structure or schedule. This cannot be done in all scenarios, but it is a good practice in your favor.
This structure will help you avoid paying late fees and neglecting your relationship with your supplier.
How Yubilly Can Help
Monitoring cash payments can be a hassle if left unattended. Tracking your expenses with mountains of paperwork can be harmful to your business as it takes considerable time.
One of the many benefits that Yubilly offers is a personalized mailbox that you can use to opt for paperless transactions. Yubilly platform will take the receipt information and display it on your personal dashboard, item by item. This will save you time and money when tracking your expenses.
Another benefit of Yubilly’s mailbox is that it automatically filters out any email unrelated to the transaction. Any marketing, spam, or other emails that reach your mail will be discarded. Join now and discover all of Yubilly’s features.