From time to time I run into a “cash flow crunch.” This is when you paid out $10,000 in expenses but invoices that are owed to you are being paid back in 30 or 90 days! What do do? This is a challenge that many business owners have.
At Intuit’ QuickBook’s Connect, I interviewed Jordan MacAvoy of Fundbox, who shared his tips on how to better optimize your cash flow. Fundbox is a service which provides invoice financing for businesses. If you need to get paid on an invoice and it’s going to take a long time, Fundbox can advance those funds to you.[Tweet “#BizTip from @fundbox exec: #Invoice faster to avoid cash flow crunch! “]
Jordan shared that if you invoice faster, you’ll often get paid faster. I’ve found that something as “simple” as me forgetting to invoice or not invoicing soon enough has slowed payment. It’s also important to streamline your operations – make sure that your entire invoicing flow is as efficient and simple as possible.