3 Tips For A Fresh Start - Now's the Time.

I've said it before and I'm saying it again, entrepreneurs wear  SO MANY HATS!
 

Small business owners often wear the "Accountant" hat but are not always trained in accounting. In fact, the majority of small business owners do not have a dedicated full-time accounts manager. This can result in incorrect entries, inaccurate financial statements, and other costly mistakes. But fear not, I have some tips that can help. With the right approach, cleaning up your accounts can be a breeze.

Here are 3 tips to get you on your way to a fresh start.

#1 DETERMINE WHETHER YOU HAVE A PROBLEM

Even if you think things in your account department are running smoothly, it doesn't take long for things to take a turn, especially if you are not an accountant! 
 

Is your current set up:

• Costing you money
• Eating up valuable time
• Causing you stress

If  you can answer yes to any or all of the questions, chances are there is a problem in your accounts department and you need assistance.

#2 IDENTIFY THE TROUBLE AREA

Okay, you have determined that you have a problem, now what? Let's identify the trouble area.
 

Are you current in the following areas: 

• Bank statements are reconciled. 
• Credit cards are reconciled
• Financial obligations are being booked properly

These are just a few of many questions you can ask to pinpoint the trouble areas. Your best bet could be to bring in a professional to consult, assess and fix any accounting issues.

#3. BE PROACTIVE

Okay, you have determined you have a problem, you have identified the trouble area, now what? Let's get proactive and take practical steps to sort out the issues.

You can start by:

• Setting up a proper accounting system
• Track past transactions - record them properly and reconcile them
• Set up & secure procedures to ensure that things are being handled properly moving forward
   

These are just a few important things to help you get started on your journey to a fresh start.

FINAL THOUGHTS

If you are going to be handling your own accounts, discipline and consistency are key. It will take a lot of hard work, dedication and maybe even a few swear words to get things back on track. 

If you are feeling overwhelmed with the idea of taking on the challenge of reorganizing and cleaning up your accounts, I am here to help. It is important to get help when you need it, before the situation worsens. One of the best ways to see results is to bring in a trusted advisor. I offer full cycle account management and I can take the stress of this task off of your shoulders.

I am your Partner in Profitability. Contact me today. 

306 520 4009.

info@sherimelnickconsulting.com

3 TIPS to create Victory in Your Business.

The entrepreneur grind can be tricky, am I right?

As a mentor and consultant, I work hard to help my clients get ahead of their finances with strategies for invoicing, accounts receivable, and general cashflow improvement.

I have created a formula that works, and it has become a valuable tool in my arsenal. I have been able to help my clients create success with these three keys to victory. 

1)  Find a Mentor or Support System

You're Not In This Alone. Entrepreneurs often feel they have to do everything themselves. On one hand, it does allow you to remain in control of most situations and it keeps the bottom line in check. On the other hand though, everything relies solely on you, and that opens up the possibility for important details getting missed or lost in the shuffle. Bringing an advisor in early will help you avoid costly mistakes and can set you up for success.

2) Overcome the Overwhelming

Make a List & Devise a Plan. So many things get thrown at entrepreneurs and it can get very overwhelming. Things can feel scary, and we aren't always in the right head space to take them on in that moment. Things like yearly financials, corporate filings, CRA, GST, PST, payroll source deductions, invoicing, bank reconciliation. See what I mean? That all came at you pretty quick huh? Those scary little brown envelopes can pile up quickly and become easier and easier to avoid. So create a list, devise a plan that includes completion dates, then, start checking off those boxes!

 

3) Put on Your Own Air mask:

Self-Care, the Essential Ingredient. Working for yourself is difficult. You are dealing with unusual and long working hours, irregular and unpredictable cash flow, the fear and risk of failure, tight deadlines and time pressures, even a limited or non-existent social life. With all that you do, the concern of stress and burnout are real. 

“The Western workplace culture — exported to many other parts of the world — is practically fueled by stress, sleep deprivation, and burnout. This is profoundly — and negatively — affecting our creativity, our productivity, and our decision making: the very things entrepreneurs need in order to succeed.”

— Arianna Huffington

 Self care is so important. YOU are the most valuable asset to your company and being able to prioritize your self care is an integral part of your success. Be prepared, always keep a list of your favourite self care activities on hand, and schedule a few minutes every day to take care of you!

What are you waiting for? Let's work together! 

Are you ready to be Victorious?

Contact me today: 

306 520 4009.

info@sherimelnickconsulting.com

SPRING CLEANING...YOU KNOW IT'S TIME.

 

As we move forward into the Spring season, (slowly but surely) the urge to purge begins! 

Spring Cleaning is an itch that we are familiar with. That feeling we get to pair down, organize and clean..clean..clean! You know what I mean. All those takeout menus that get tucked away in the junk drawer, or those faded towels that get stuffed to the back of the linen closet, even that tote of old clothes sitting in your laundry room, waiting to be donated. There is something about Spring that gives us a new set of eyes, and those new eyes can't stand to look at the clutter for another second!
 

The same thing happens with your business accounts. Things get set aside throughout the year and tend to pile up. You have every intention of entering and filing those receipts or compiling those financial statements or even mailing out those payment reminders. But the truth is, these things can get lost in the shuffle and finding the time to dedicate to these forgotten tasks can be difficult. That is why I am offering a Spring Cleaning Package. Let me take the weight off your shoulders.

If you are :

• Worried about finances
• Concerned with the state of your A/R
• Need help with  CRA or source reduction remittances
• Preparing financial statements
• Require guidance with loan applications
• Are experiencing high growth and need direction

Then this package could be just what you need. Here is how the Spring Cleaning Package works.

For a fee of $500.00* we will schedule a 1 hour one on one session where you bring in your financials. Together we will go over your materials and establish a strategy. I can't stress enough that there is never any judgment and everything is completely confidential. Once I get a feel and understanding of your situation, I will develop a detailed report with an action plan to help you get things back on track.

Okay, so now you have your report and action plan, what do you do now?

The report and action plan will give you a detailed list of the dilemmas and obstacles along a game plan to remedy them. At this point, you can take all of the information and heal your accounts yourself, or you can bring me into your business on a retainer basis to get everything running smoothly. 

Let's get those cobwebs out of your accounts and get Spring Cleaning together. Contact me today.

306 520 4009.

info@sherimelnickconsulting.com

*Cost of the package does not include any taxes or administration fees

THAT FEELING YOU GET WHEN.....

 

We've all been there, am I right? Those moments when you don't always realize the severity of a situation until it's too late. 

At some point, we have all become wrapped up or bogged down with the everyday grind, and some "Not Very Important" things get pushed aside until they become "Very Important" things. Hands up...who's guilty? I know I have been and so have many of my clients. 

Stress, guilt, and procrastination....OH MY!
 

Have you ever felt like:

• You can't sleep at night
• You have a hot ball in your stomach and are worried about the tax man
• You're afraid to open your mail
• You're deciding between paying your bills and paying yourself
• You feel like a beggar when you take your own salary
• It's hard to keep up with your shoebox of receipts
  
   

These are all telltale signs of letting the "Not Very Important Things" slowly roll into the "Very Important Things". If you have reached this intense precipice, I can provide you with the tools you need to restructure, reorganize and regroup. 

I can assist you with:

• DEBT RECOVERY
• CREDIT MANAGEMENT
• CREATION OF CREDIT POLICIES & PROCEDURES
• REDUCING AGING OF ACCOUNTS RECEIVABLES
• PROFESSIONAL COLLABORATION WITH LEGAL COUNSEL
• INCREASING YOUR CASHFLOW
• ACCOUNT MANAGEMENT
• ACCOUNTS RECEIVABLE
• ACCOUNTS PAYABLE
• PAYROLL
• FINANCIAL STATEMENTS
• ONGOING CONSULTING RETAINERS

Listen, running a business does not have to be scary, it shouldn't be a source of stress and it absolutely should not be keeping you up at night. If you are having way too many of those, "That Feeling You Get When" moments, contact me. I am here to help.
 

306 520 4009.

info@sherimelnickconsulting.com

How many hats do you wear?

Small business is big business.

According to the October publication of Saskatchewan Small Business Profile 2017 from the Ministry of the Economy Performance and Strategic Initiatives Division, small businesses – businesses with fewer than 50 employees – account for over 98.8% of the more than 150,000 business enterprises in the province. That is pretty darn amazing!
 

Being a small business owner is so rewarding and comes with many perks. In the same breath, it can be overwhelming stressful and exhausting.
 

The ability to wear many hats becomes an art form. 
 

As small business owners, we tend to take care of every element related to our business. From sales, customer service, invoicing and billing to payment collection, account management receipt entry, office duties, and even shipping and receiving. Just to name a few. WHEW! That's a lot of hats! Because we own our own business the pressure is on to keep things orderly, keep transactions prompt, get that money in the bank all while creating and maintaining customer relations. 

Small business owners most definitely have the workload to justify additional assistance but don't always have big budgets or extra funds to put towards acquiring that help. This is where I can come into play.

Your success is my main goal. I can tailor my services for businesses of any size and any budget.

 

LET'S WORK TOGETHER

I am here to help your finances, not hinder them. Your success is my main goal. I can tailor my services to businesses of any size and any budget. I can consult and train as needed or I can work with you on a monthly basis. Whatever is needed to ensure you achieve success!

For more information on how I can help your small business, contact me today.

306 520 4009.

info@sherimelnickconsulting.com

Time and energy - Do you have enough?

How many times have you heard the comment, "There are just not enough hours in the day!"
 

As business owners I think it's fair to say that we all relate to this in some way or another. Running a business takes an amazing amount of time and energy, and the risk of burn out can be very high.
 

We all know that the main driving force behind a successful business is to have and maintain a steady flow of incoming cash. As owners, we focus the majority of our time and energy into keeping clients in the pipeline and securing future income. What tends to happen is a lack of focus and energy on areas like invoicing and billing collection, receipt and expense entries, client follow-up calls, and other important A/R duties. Now it is possible that you have a team in place to oversee this area of your business, but most small business owners take on this role as well. When this is the case, things can easily be neglected, I have seen it happen time and time again.

“Business owners are pros when it comes to burning the candle at both ends.”

Neglecting your A/R is never intentional. It is a common misconception that the "back end" of the business is less time sensitive than the "front end". This is absolutely false. Keeping your A/R up to date plays a key role in running a successful business. 
 

Now, whether you have a team in place or you are taking it all on yourself, I can help.
 

I can oversee your accounts on a monthly retainer so you and/or your staff will no longer have to tackle all of the ins and outs of the accounting department. You can then utilize your time and energy into improving client relationships and increasing sales. I will help you collect your payments faster and more efficiently, and I can get your clients paying on time, and improve your cash flow. You will have the freedom to focus on building up your business and filling your pipeline.

By bringing me onboard to oversee your A/R, I am taking on the responsibility of bringing in your aged receivables so you have more time to grow your business.  I am here give back the two most valuable gifts a business owner can have. Time and Energy. Let me be your partner in profitability.

Contact me today.

306 520 4009.

info@sherimelnickconsulting.com

Mentorship - support that will make your business thrive.

 

Many businesses chug along through their daily processes and all is well, at least on the surface.

Some companies do a fantastic job of portraying an organized, professional and strong image. But when you dig a little deeper, their accounts are in complete disarray. This is not to say that these companies are not thriving and successful, just that their processes need to be re-structured, managed and maintained.

One way to help solve this is to outsource the accounts to a reliable, trustworthy professional.

With outsourcing, all of the pressure is taken off. You can run the front end of your business and focus solely on clients and bringing in cash flow, while my team takes care of all of the A/R. Learn more about outsourcing your accounts with me, here. http://www.sherimelnickconsulting.com/blog/outsourcing-your-ar-3-reasons-why-it-could-benefit-your-business

Another option is to bring in the support of a mentor.

My mentorship program allows you, the business owner to bring my consulting corporation in on a monthly basis, to guide, teach and assist with the managing and maintaining of your accounts. We will work with you to ensure that collection calls are being made, follow-ups are diarized and that your employees are on board to achieve success with the policies and procedures you have set up. I will coach you and your team on an ongoing basis with a compassionate and no-nonsense approach to help you prevent having bad debt and uncollected bills. Learn more about my mentorship program here.  http://www.sherimelnickconsulting.com/services-to-help-you/

You have the skills, talent, and expertise to build your business. I am here to help you manage your accounts and your cash flow - so you can focus on growth. Contact me today to learn more.

306 520 4009.

info@sherimelnickconsulting.com

Finding the balance.

 

As a business owner, you already know that time management can be a balancing act.

As the “boss” you are expected to be anywhere and everywhere at all times, and because of this, certain tasks can sometimes fall by the wayside.  

It never seems like a big deal at the time, just a little pile of paperwork here..some old invoices there, but before you know it you are in the weeds, and things have gotten messy. Now your focus is geared on playing catch up, and this pulls your attention away from the front end of your business, and your cash flow can be affected.

So what's the solution? How do you find the balance? 

In my experience the best solution is to outsource or delegate your accounts to a knowledgable, trustworthy professional, who specializes in Account Management. This will alleviate the pressure and stress of the back end details and allow you to focus your skills and attention on sales and clients, so you can continue to bring home the bacon!

LET'S WORK TOGETHER!

I offer ONGOING CONSULTING RETAINERS. 

I can work with you on a monthly basis to ensure that collection calls are being made, follow-ups are diarized and that your employees are on board to achieve success with the policies and procedures you have set up. I will coach you and your team on an ongoing basis with a compassionate and no nonsense approach to help you prevent having bad debt and uncollected bills. Let me help you find the balance. 

http://www.sherimelnickconsulting.com/services-to-help-you/

Contact me today.

306 520 4009.

info@sherimelnickconsulting.com

Why Keeping Accurate Records can save your business.

 

It is important to document each action you take with clients in a diary entry.

I make sure to diarize everything I do from follow up calls, to check-ins. By keeping proper documentation not only will you be keeping your customers accountable, it also allows you to CYA! (cover your arse) 

Lip service can be a regular issue when dealing with delinquent clients. Sure, sometimes legitimate situations arise which hinders a payment, but if you are not documenting each conversation, these excuses and situations can build up and payments can be delayed again and again. If you have a payment procedure in place which requires a deposit before any work has begun, and your client is months late paying your deposit - document this. CYA.

 "I was managing the accounts of a very large company here in Regina. They had a high level of aged accounts that I worked on collecting for them."

 

As part of my process, I diarized every contact, communication and follow up I had with these clients. In the end, there were some cases that ended up in the court system and I was able to create an accurate timeline and was called on as a representative/witness. By having clear precise documentation I was able to produce case data that  assisted in favourable rulings.

 

 Do you have the proper documentation in place to CYA?

If you have questions or need assistance creating and maintaining your records and documents, contact me today. 

306 520 4009.

info@sherimelnickconsulting.com

Good Cop Bad Cop: Collecting Your Accounts Together.

 

No one wakes up in the morning and thinks, “Gee, I hope I can’t pay my bills today…” 

But unfortunately it is a situation that arises much too often. Sometimes it is hard to ask for what you deserve to be paid, but invoices that age beyond 90 days have an increased probability of going to the revenue graveyard.

 I’ve played “bad cop” for my clients so they can be "good cop" and customers are actually happier with my support.

I’m usually called in when things go too far. I wish I was coming in at the "procedures" stage instead of being called in at the  "miracle worker with aged receivables" stage, but I wear both hats proudly and I pride myself in being your partner in profitability.

 I was called in to work with a company to help reduce their aged receivables. This business had high levels of sales and invoices going out every month, but no one was following up for payment. Eventually these aged receivables started affecting their bottom line. With my process, I was able to collect on these unpaid invoices, revive their cash flow and most importantly keep the customer. I now oversee their accounts every month to ensure they get paid for the work they have done

I can help you at any stage of your business. Together we will analyze when you are getting money and if it is affecting your bottom line. We will make sure that someone is always working on your receivable accounts and following up to make sure they aren’t going to the revenue graveyard.

Do you have someone following up on your receivables when they pass 30 days? 

Call or email me today.I will be your partner in profitability and help guide you and your business to success. 

306 520 4009.

info@sherimelnickconsulting.com

DO YOU HAVE A TRUSTED ADVISOR?

 

In the ideal world, we would all start our businesses with the right policies and procedures in place to ensure we get paid on time. This is not always the case.
 

 I am shifting my business model to help startups establish key-relationships before they really get into a mess.
 

Getting support from a trusted advisor on how to establish your business on firm-footing helps provide you with the tools for success. Imagine never struggling to collect on an invoice? Wouldn’t that be a dream?    
 

Some areas that get neglected by clients are:
 

1. Making sure their business follows a beneficial legal structure
2. Working closely with an accountant to get invoices in place
3.  Set clients up to remit appropriate fees
4. Look at contracts to ensure their best interests are covered
5. Look at payment structures
    

 Bringing an advisor in early will help you avoid costly mistakes and set you up for success.

I really enjoy setting up a solid foundation for growth. I can come in and work alongside you and your clients as a partner at any stage. I enjoy the challenge of getting things back into line when they’ve gone south but look forward to the benefit of starting off on a positive note.

Do you have an advisor you can trust, and who freely shares information with you? Call or email me today.I will be your partner in profitability and help guide you and your business to success. 

306 520 4009.

info@sherimelnickconsulting.com

You're Growing Like Crazy - Now What?

Are you experiencing high growth? I've witnessed first hand how high growth companies can go right out of business because they do not have a handle on their cash flow. It is heartbreaking and frustrating! I see this happen more often than I should. So here are 4 tips to help you get, and keep your money where it belongs...in your pocket!

Some things that are important if you are growing faster than expected

1. Make sure you have a good, solid, contract that protects you.
    
2. Consider what your billing procedures are like. Are you getting paid in increments for your services?
    
3.  Have a bookkeeper you can trust. When your company explodes with growth, take your hands out of the monotonous and do what you need to do to manage your client base. Having reliable partners in place will help you keep on keeping on.
    
4. Don't let your receivables age past 45 days. That's when I really get on the phone. Did you know if your accounts receivable go past 90 days your chances of ever getting paid really diminish?

Don't let high growth bottom out your bank account. I've been working for 20+ years to fix cash flow problems and strategize to prevent aging receivables.

Are you growing out of control! Let me help you navigate how to keep your business afloat. Call or email me today. 

306 520 4009.

info@sherimelnickconsulting.com

Outsourcing your A/R - 3 reasons why it will benefit your business.

 

Are you unhappy with your current A/R percentages? Do you regularly deal with late or inaccurate payments?  Do you want to better the efficiency of your current A/R operations?  
 

It's no secret that there is a long list of ingredients needed to run a successful, profitable business. Time, resources and money are 3 reasons why you should ensure your A/R are being handled properly. If your in-house accounting department does not have the ability to manage your account receivables, this could result in wasted manpower and reduced profits. Chances are, your business will suffer.
 

My solution to this dilemma? Outsource your accounts receivable. Having someone managing your A/R can hugely benefit your business in these 3 ways:
 

      1.   You Save Time & Money

You and your staff will no longer have to attempt to tackle all of the facets involved in the accounting department. No need to purchase expensive equipment or employ additional staff. You can utilize your time and money into improving your client relationships and increasing sales.
 

     2.   Improve Your A/R Process

You can collect your payments faster and more efficiently. By letting a third party manage your A/R department, you are able to focus on bringing in more cash. When clients pay on time, your cash flow improves and your bank account is happy! Who doesn't like a happy bank account? Am I right? 
 

     3.   You Can Focus On Your Business

You will have the freedom to focus on building up your business and filling your pipeline. When you bring in a third party to oversee your A/R, they are responsible bringing in your aged receivables so you have more time to grow your business.  

I have extensive knowledge and experience with credit management. I am able to facilitate credit management with a respectful but no-nonsense demeanor and deal with the uncomfortable situation of calling in unpaid debts. If you could use assistance with your Account Receivable call or email me today.  

306 520 4009.

info@sherimelnickconsulting.com

PREVENTION IS KEY - 4 ways to CYA

have you been noticing a lack of incoming cash and can’t quite put your finger on the reason why - it’s high time to take a closer look at your A/R.

Many businesses have trouble collecting payment either on time, or even at all, and that can cause a huge disturbance in your cash flow. Getting in the routine of managing your receivables is the most efficient way to improve cash flow and keep your bank account happy!

How can you prevent those unpaid invoices from a trip to the revenue graveyard? I have a list of procedures that every business should have in place. I call it the CYA plan - Cover Yer Arse!

1. Proper Documentation

Make sure to have the proper credit policies and procedures in place. Keeping a detailed paper trail can prevent headaches in the future.

2. Monitoring Accounts Receivable

Keep a close eye on your DSO (daily sales outstanding) and ensure your a/r is being maintained on a regular basis.

3. Follow-Up-Squeaky wheel gets the grease

Don’t be afraid to be “That Guy” Call, email, send reminders. It’s your money, you earned it.

4. Set clear payment terms

Leave nothing to the imagination. Set out your expectations in black and white. Don’t leave any wiggle room, that inch can turn to a mile in a blink of an eye!

Could your business use some assistance in these areas?

I specialize in managing and maintaining A/R, debt recovery, and creating credit policies and procedures. I deal with any business big or small, anywhere in Canada. Call or email me today to learn how I can help you.  

306 520 4009.

info@sherimelnickconsulting.com

CREDIT IS A PRIVILEGE, NOT A RIGHT.

 

There can be many different reasons as to why some clients don’t pay their bills, and I’m sure you have heard every excuse in the book!

• I’m waiting to get paid from a big job, then I can pay my bill.

• I can pay the invoice on payday.

• The check is in the mail.

The list could go on...and on...and on! Reality is, some clients will not be prompt when it comes to paying their invoices, but regardless of the situation, or the excuse, you deserve to be paid on time.

Every situation is not cut and dry and there will be times when exceptions can be made, but you should remain firm and consistent in your policies. It is important that your clients know that credit is a privilege, not a right.

THE LONGER YOUR INVOICES GO UNPAID, THE MORE IT CAN AFFECT YOUR CASH FLOW.

 

Cashflow is the lifeblood of every business and it is imperative in order to thrive and be successful. Having firm policies and procedures in place is the first step to ensuring that clients pay their bills. It sets a clear expectation between you and your client that you  expect to be paid. Even if you already have regimented policies and procedures in place, a client may still choose to not pay.

It can be difficult to collect those aged receivables, but that is where I come in. I can assist you and your business by overseeing your accounts receivable consistently, professionally and respectfully and collect your hard earned money from your customers.  The money that you have earned and deserve.

If you have any questions on how to improve & maintain your cash flow, give me a shout at 306-520-4009.

CUSTOMER SERVICE: Which Path Do You Take?

As a business owner, you already know that not every sales transaction is going to go smoothly. When it comes to customer service, you will have to decide which road to go down when dealing with an unsavory client. I've always been a firm believer, that you catch more flies with honey than with vinegar.

 

THE CHOICES YOU MAKE CAN HAVE A DIRECT EFFECT ON YOUR CASH FLOW. 

Through good times and bad, a solid relationship with your customer base will help ensure that your business continues to flourish. When clients feel respected and understood they will be more likely to treat you and your business the same. 

 

Many of today’s most successful companies are built around outstanding customer service and strong credit policies and procedures. 

I work with Business Owners, CEO's, Presidents and Accounts Receivable Staff to implement & maintain strong, solid credit policies and procedures. Developing strong and solid credit policies & procedures can take time and dedication.

I can help you create these credit policies & procedures and work with you and your team to ensure that all parties have a clear, confident understanding.

Do you know the advantages of having proper Policies & Procedures in place? Give me a call and let me help you build strong credit policies & procedures to mitigate the risk of you not getting paid!  306 520 4009. 

EXTENDING CREDIT- Do you have a plan?

Extending credit to customers is a natural course of doing business. There are always risks involved when extending credit and many important questions that may arise.  Unfortunately, the tough questions can too often be overlooked. As business owners, we should be prepared to have answers to difficult questions.  

• Who are you granting credit to?

• How big of a risk are you willing to take?

• How well do you know your customers? 

Please contact me to find out what other questions and documents you should have in place to secure your assets as well as ensuring that your clients are respecting the credit limit you are extending - so you get paid!

Having the proper documents in place beforehand can help prevent a big headache in the future.

The reality is no matter how diligent and proactive you are, there will always be those who do not follow through on their commitments. I can assist you and your business through all stages of the credit process. Whether it be creating the proper policies and documents or helping collect those invoices that didn't get paid. 

 Please contact me to find out how I can make extending credit to your clients, a little less complicated. 306 520 4009.

ARE YOUR ACCOUNTS RECEIVABLE IN GOOD SHAPE?

For some businesses  keeping the A/R current is not always the number one priority. The reality is, when you are behind in collecting your invoices, your cash flow is affected. Here are a few things to keep in mind when dealing with your A/R.

BUILD STRONG CUSTOMER RELATIONSHIPS

Customers are the lifeblood of your company. Providing customers with quality service and building a strong rapport will keep cash flowing into your business. Happy clients are loyal clients - and loyal clients are more likely to pay their invoices in a timely manner.

DAYS SALES OUTSTANDING (DSO’s)

How often do your clients pay their bills? If you are waiting more than 30 days for your clients to pay their invoices, that is affecting your overall cash flow. By keeping your DSO low, you can count on less aged receivables and more cash flow coming your way!

SELLING OR BORROWING

When the time comes for you to sell your Corporation, you want your Accounts Receivable in really great shape. The value of a company's brand name, solid customer base, good customer relations can make or break the sale.

When the opportunity arises for you to grow your business, you may need capital for the growth. Having a low DSO from your Banker’s perspective will make the borrowing process that much easier.

So here's my question for you. How well are you looking after your DSO’s and A/R?  If there are any opportunities for improvement  in this area of your business.....that is where I come in!

I can help improve your cash flow by managing your accounts receivables and DSO's.  As a business owner you can then focus on marketing your company, acquiring new loyal customers and  increasing your sales. I work hard for my customers AND your banker will love you!

The bottom line is, when it is time for you to move on to the next chapter of your life, your business will be in great financial shape!

If you would like more information on your A/R & DSO's and how I can help, please give me a shout at   306 520 4009 .

CREDIT APPLICATIONS - Do you have your customers sign one?

As a business owner, you provide your services with the expectation of collecting payment upon completion. Just like a bank, you are extending credit to your clients. You need to ensure that the potential customer has the capacity to pay the bill. This is where a credit application can be your best friend. 

I think it's safe to say that most people wouldn't feel comfortable lending materials, without knowing a bit about who they are lending to.  Having your client fill out a credit application prior to extending credit, and due proper diligence when processing the credit application, is a very proactive way for you to gauge if your customer can meet his payment obligations.

Having the properly signed documentation by your client can be very beneficial if you need to proceed with legal options. I can assist in creating this document and offer to consult on the proper procedures needed to execute efficiently and professionally.

If you would like more information on credit applications and how I can help you, please give me a shout at   306 520 4009 .

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CASH FLOW - The high importance of having consistent cash coming into your business!

 Did you know that the lack of incoming cash is one of the biggest reasons companies go out of business? Sad, scary and true!! There is more to cash flow than meets the eye. It is so important to have the proper policies and procedures in place, to ensure that a consistent flow of income is continually coming in.

If you have more money coming in than is going out, you are in a "positive cash flow" situation and your bills are getting paid! Whoo-Hoo! That's great! However, if more cash is going out than coming in, you are in danger of being overdrawn. This puts you in the tricky position of finding the money to cover your overdrafts. Whether that means extending your lines of credit or acquiring a loan, it all adds up to additional costs for your business. However, you can avoid walking this stressful path by taking the steps to improve your cash flow!  

 This is where I come in! Let me assist you and your business by overseeing your accounts receivable consistently, professionally and respectfully collecting your hard earned money from your customers. I will also work with you implementing and maintaining the proper credit policies. This will help to improve your cash flow, avoid being overdrawn and prevent you from having to scramble to find more capital for your business.

Don't run out of cash.  Let me help you get more "Beans in your Jeans" 

If you have any questions on how to improve & maintain your cash flow give me a shout at         306 520 4009 .