Bank accounts Cash flow tips

The Westpac cash flow tips competition held during National Business Month has concluded. Thank you to all the contributors who submitted tips.  To the weekly winners, we offer our warmest congratulations and trust the $1,000 cash prize will reap great benefits for your business.

Picking winners each week was never easy. Interestingly, businesses large and small right across the country experience similar challenges.

Take a look at these diverse and innovative tips. You might be able to adopt or adapt them to suit your own business circumstances. Plus, we've put together an even greater selection of your cash flow tips . Just one more tool to help your business; from Money magazine's Business Bank of the Year, for the 4th year in a row.

  

Deb Thomas, Studio Align

Until recently, Deb had, for the 4 years since opening, relied on cash, cheque and direct deposits to manage her cash flow. However, since installing an Eftpos machine (attached to her Westpac Business One account), she no longer waits on money to be deposited or spends time chasing people for overdue payments. "It has been the best decision I have ever made," she says. "My patients pay immediately ... and although there are costs involved with setting it up, the improved cash flow and time saved has been well worth it. Wish I'd done it 4 years ago."

Email Studio Align at studioalign@gmail.com

James Wallace, LifeChange Diet and Health

The regular demands of BAS compliance and general admin duties in processing payments and expenses can often be daunting and time consuming for any SME.
In an attempt to streamline such processes, James and his team adopted 2 practices:

• Only use BPAY® and direct account crediting for managing expenses
• Purchases of their program can only be made with Visa, MasterCard® or via EFTPOS.

The result, according to James is that "we've cut paperwork and simplified expense management considerably". And that translates to real savings in both time and money.

Visit LifeChange Diet and Health

Antony Gibson, Triple Point Consultants

Where possible, says Antony, "we ask our clients to pay expert sub-contractors directly, thus avoiding double-handling, and reducing our need for additional working capital."

Visit Triple Point Consultants

Tanya Amos, Brightside Solutions

"Invoice customers regularly," says Tanya. "Everyday you do a job, make sure you write up and send the invoice ... Your customers can't pay you if you don't tell them how much they need to pay!"

Visit Bright Side Solutions

View all winning cash flow tipsters.