Good Cash Flow Management

The Minister of State for Business and Enterprise, Mark Prisk and The Institute of Credit Management (ICM) have released the latest of their monthly “tips”. This month, the advice concentrates on the importance of good cash flow management (the“tips” are produced by CIM for the Department for Business, Innovation and Skills);

“Have a system for resolving disputed invoices promptly, especially if a customer is using a small query to withhold a large payment.”

Cash flow is the lifeblood of business. Therefore it’s imperative that all businesses focus time and energy on making sure that their cash-flow management system works. This way, if ever a payment issue were to arise, a system is already in place to get the problem dealt with in a swift, painless manner.

Research shows that the proper management of invoices and being able to make and receive payments on time has a huge impact upon profitability. Getting this right is essential.

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