Visibility is the first step to improving cash flow and working capital. By understanding where your money is coming from and going to, you can identify and address inefficiencies. This begins with an accurate and up-to-date accounting system that provides visibility into key areas of your business, such as cash flow, receivables, payables and inventory. Once you have visibility into your business’s financial health, you can start to take steps to improve it. Review your processes for invoicing, paying bills and collecting payments. Look for ways to shorten the average time it takes to invoice customers, get paid by customers and pay suppliers. Also consider automating where possible to speed up these processes. Finally, ensure that you have control over your spending by setting budget limits for each area of the business. Regular reviews of spending against budget will help keep cash flow on track.
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