CHEQUING OUT
businesses hurry to pay their suppliers , but if you introduce friction to the payment process you will easily lose their attention as they look to address something less painful .
2 . Get real-time : You need to be accepting real-time payments . Everything in life has become instant – we ’ re impatient and we wait for nothing or nobody . I ’ m not sure about the moral or psychological implications here across sectors and products , but I remain confident that it is an unnecessary inefficiency for cooked meals and online shopping to
It isn ’ t that simple and so many great businesses with happy customers , especially smaller enterprises , suffer unnecessarily .
arrive sooner to our doorsteps than payments do in our bank accounts . Some customers may still need to pay via card , say for retail point-ofsale businesses , which have slow settlement times , but otherwise you need to be implementing instant payments to have funds settle in real-time .
Ralph Rogge , CEO and Founder , Crezco
3 . Reconcile , reconcile , reconcile : A stitch in time saves nine . Stay on top of your outstanding invoices . This is easiest done when paid invoices reconcile automatically within your accounting software , companies like Xero and QuickBooks , as achieved by Crezco . This is the quickest and most efficient way to gauge your cash flow and potential problems . Without this you ’ re flying in the dark and suddenly things become a lot less clear .
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