BUSINESS CORNER
businesses. Customers who fail to pay up take up
If you fail to track outstanding payments, I N D U S T RY N E W S you’re storing problems for the future. Cash flow is crucial for small businesses. Customers who fail to pay up take up precious time and resources.
precious time and resources. It’s important that you don’t leave money on the table and keep a close eye on what payments are outstanding. Failure to have a payment billing process in place can mean the death of your business.
5. Human Errors This A Smistake S O Ccovers I ATseveral I O Nareas, I N including: SIDER 4 Errors in calculating costs or payments. 4 Having no process in place for bookkeeping, leading
Blurring your personal finances and that of your company means you never have a clear picture of the financial health of your business.
S P O4.TFailing L I G HtoTKeep Track of Your Billing
If you fail to track outstanding payments, you’re storing problems for the future. Cash flow is crucial for small
2 4 NORTH AMERIC AN S WE E P E R MA R C H 2023
to items being missed. 4 Bulk data entry, meaning that mistakes are more likely to happen. Many small businesses do all their accounting IN D E X in one go rather than spread things
out. This, in turn, leads to an increased chance that mistakes will happen.
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