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Contributor Gene Marks (@genemarks) addresses “that moment" when a business owner knows it's time to hire a controller to take ownership of daily financial operations. From the self-initiated hunt for cost savings to meticulous management of data entry, Marks lays out the ideal controller's priority list: “She doesn't fall into a stupor reading your general ledger—in fact, she actually enjoys it. She will be part of every big decision—the purchase of a new piece of equipment, the hiring of a manager, the investment in property, the changing of health insurance plans—because these decisions affect her financial statements."
A knowledge of cash flow is king among the concepts needed to run a successful company. Peter Cohan (@petercohan) shares insight on how to make sure your business stays afloat in 2017. Tips include estimating cash spend, knowing cash sources, creating a contingency fund for unexpected setbacks, and more. Cohan elaborates: “Each month, we would compare the actual results with the amount forecasted and tried to learn from our mistakes to improve our next month's forecasts."
A new McKinsey Global Institute Report estimates that automation could be responsible for raising productivity globally by 0.8 to 1.4 percent each year. While it doesn't sound like much, consider past landmark innovations, like the steam engine, only elevated productivity growth by 0.3 percent, McKinsey estimates. The “adoption of robotics, artificial intelligence, and machine learning" are key players contributing to the productivity spike. But these factors aren't operating alone, as McKinsey emphasises the participation of people using the technology makes it successful.
As a business owner, you want your clients to pay fast to set yourself up for better cash flow positioning. But how do you do this without asking for it outright? Accounting Today suggests that for your clients, speed and ease of payment are key: “When looking to evolve your payments, look for a partner that can help you accept the kinds of payments your clients want and need to use. Accepting credit cards and eChecks gives clients the flexibility to pay you in ways that are simple for them."
Emma Sheppard (@EmmalouSheppard) for NewsFactor wastes no time in getting to the heart of any company's cash flow challenges with this opening line: “For time-poor entrepreneurs, technology can really improve a business's efficiency by automating as many administrative tasks as possible. This is particularly important when it comes to chasing those all-too-common late payments." Sheppard adds that by setting payment parameters, accurate financial tracking, and partnering with the provider of the right solution, a business of any size can achieve cash flow success.
About the Author
Ralph is a Research Analyst at Nvoicepay. He's passionate about marketing technology and creating engaging content that delivers value to the consumer.More Content by Ralph Perdomo