Managing Cash Flow
Tips for keeping your accounts payable under control.
Effectively managing your accounts payable can significantly enhance your cash flow. Following are three tips for your accounts payable system that will improve your business's cash flow:
- Take discounts whenever feasible. Saving 1 or 2 percent on an order can be significant.
- If discounts aren't offered, don't pay early. There's no need to drain your cash flow unnecessarily.
- Keep your suppliers informed. If you do fall behind, keep your lines of communication open with your suppliers. You can ill afford to get put on c.o.d.
Excerpted from Start Your Own Business: The Only Start-Up Guide You'll Ever Need
Entrepreneur Editors' Picks
James Dyson Created 5,127 Versions of a Product That Failed Before Finally Succeeding. His Tenacity Reveals a Secret of Entrepreneurship.
7 Meaningful Ways Your Business Can Honor Memorial Day
Breast Implants Left This Founder With Debilitating Symptoms, So She Launched an Intimate-Apparel Line That Goes Beyond Buzzwords
Kids in the Hall's Bruce McCulloch Says TikTok Is the New Punk Rock
'I Am Not a Diversity Quota,' Says the Founder Disrupting the Dessert Category
Memorial Day Is a Time for Remembrance, So What's With All the Mattress Sales?
Pharrell Williams, Contemporary Artist Nina Chanel Abney and Brand-Builder Shaun Neff Announce Launch of Game-Changing NFT Platform