{"id":12987,"date":"2021-07-20T03:37:55","date_gmt":"2021-07-20T03:37:55","guid":{"rendered":"https:\/\/swoopfunding.com\/au\/?post_type=blog&p=12987"},"modified":"2024-05-10T14:20:23","modified_gmt":"2024-05-10T14:20:23","slug":"10-tips-to-boost-your-cashflow","status":"publish","type":"blog","link":"https:\/\/swoopfunding.com\/au\/blog\/10-tips-to-boost-your-cashflow\/","title":{"rendered":"10 Tips to Boost Your Cashflow"},"content":{"rendered":"\n

This is a crucial time for businesses facing a lockdown-induced cash crunch. You\u2019re right to be considering immediate steps to improve your cash flow, particularly over the next few weeks. Start with looking closely at your working capital needs for the next twelve months and identifying some quick ways to get that cashflow going.<\/p>\n\n\n\n

You can make savings now immediately. If you\u2019re registered with Swoop<\/a> we can instantly match you with savings solutions across your everyday spend.<\/p>\n\n\n\n

Here are our ten steps to help you save, improve cash flow and boost your working capital:<\/p>\n\n\n\n

1. Monitor cash flow daily or at least weekly<\/strong><\/h4>\n\n\n\n

If you don\u2019t already use online accounting software, now\u2019s the time! There are different brands of software but they all allow you to store your accounting information in the cloud so you can stay on top of your cash flow wherever you are. Most importantly you can view cash flow forecasts with a few mouse clicks. Swoop<\/a> can then integrate with your accounting software to simplify and speed up any application for funding.<\/p>\n\n\n\n

2. Make savings, cut your everyday costs<\/strong><\/h4>\n\n\n\n

Right now, there are a number of savings Swoop can help you make across your cost base, e.g. in foreign exchange, utilities and insurance. On average, you can save up to $1830 annually by switching utilities and up to a whopping $10,690 annually in FX transactions fees. Discover savings like this with Swoop<\/a>.<\/p>\n\n\n\n

3. Sell your unwanted assets<\/strong><\/h4>\n\n\n\n

Can you cash in on equipment that you no longer use, or inventory that might soon become obsolete?<\/p>\n\n\n\n

4. Don\u2019t buy it, lease it!<\/strong><\/h4>\n\n\n\n

If you need computers or other business equipment, consider leasing<\/a> them to avoid tying up cash. You can still expense the lease costs when you calculate your business taxes. And if you have an existing lease, you might be able to get better terms.<\/p>\n\n\n\n

5. Be clever with your invoices<\/strong><\/h4>\n\n\n\n

Given that many employees are working from home, don\u2019t post invoices \u2013 email them. Make a quick phone call before you email so you know the best email address. Ask for more than one email address (or a general one) so that you can copy in at least one other person or department in case the person you called isn\u2019t available.<\/p>\n\n\n\n

It might seem obvious but make a point of sending invoices as soon as the work\u2019s completed or products are delivered. If you are on the go or in a hurry you can create instant PDF invoices via a free invoice creator and send them straightaway by email.

Consider invoice finance<\/a> as a way of borrowing money using your unpaid invoices.<\/p>\n\n\n\n

6. Cushion your cash flow and boost working capital<\/strong><\/h4>\n\n\n\n

Think about other ways to cushion your cash flow and boost your working capital. You might already have one or more of these in place, but consider the following:<\/p>\n\n\n\n