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CFL Financial location Level 9, 360 Queen Street Brisbane, QLD 4000
fax CFL Financial 07 3328 8999
phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

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The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

Improving your accounts receivable

Posted on Dec 15, 2016 by CFL Financial

Freeing up working capital can help businesses fund growth, reduce debt levels and lower costs. One way to improve working capital is by managing your accounts receivable.

Many businesses fall into the trap of poor accounts receivable management – from extending credit to customers to ignoring payment terms to guarantee a new sale, these types of behaviour can quickly bring your cash flow to a halt.

Here are a few ways to improve your accounts receivable process:

Assign credit limits, payment terms, discounts and return policies to specific customers. Introduce a system to determine a new customer’s creditworthiness, such as background and credit history checks.

Determine situations where credit can be issued and circumstances where credit should be rejected. It is critical to review your credit approval process from time to time, as a customer’s financial situation may change warranting a reviewal of their credit terms.

Generating timely invoices is a major part of collecting account receivables on time. To ensure billing and invoicing is consistent and sent promptly, consider using an automated system. Sending electronic invoices can also fast track the process as they reduce delivery time.

Prioritise collections by establishing a concise collections process for all staff members to follow. Ensure staff have the skills to collect owing amounts (especially from uncooperative customers) and understand the collections system. To ensure accurate collection of receivables all team members should be informed of any discounts that need to be applied, when payment plans can be negotiated and the overall process i.e. mail or electronic invoices etc.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Email:
Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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