Cash Flow Management
Cash Flow Management is one of the most critical success factors for small businesses. Contact Avid Partners today about our cash flow management services!
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How Important is Cash Flow Management?
Cash Flow management is one of the most critical success factors for small businesses. Many successful businesses have ran into problems because the amount of cash coming in doesn’t compare with the amount of expenditure going out. Cash Flow is the life blood of any business. Many companies don’t have a proper handle on their cash flow situation. Put bluntly, without good cash flow systems you cannot succeed! Many studies show that insufficient capital is one of the main reasons for small business failure, coupled with lack of experience, poor location, poor inventory management and over-investment in fixed assets.
How to Improve and Maintain Cash Flow?
Most business owners see growth as the solution to a cash flow management problem. That’s why they often achieve their goal of growing the business only to find they have increased their cash flow problems in the process. Plan for growth and investment so they that there are no surprise later on. Here are 5 practical areas to consider in order to better manage cash flow for the growing business.
- Proactive Collecting of Receivables
- Tighten Up Credit Requirements
- Increase Sales beyond current levels
- Pricing Discounts for Early Payment
- Securing Short-Term Loans
Contact Avid Partners today to see how we can assist your business through establishing an effective structured cashflow system. Arrange a free consultation with us to talk through the specific aspects of your business and we will tailor a package to match your needs. You can phone us on 01 4286900, email us at advice@avidpartners.ie or alternatively you can fill out the form below.
Scenarios:
Many businesses are still having difficulty raising money to grow their companies. When seeking finance be as diverse in your product categories' as you can so that lenders can see you're not exposed to a high risk investment category. Show clearly that you are in a position to repay any borrowings and demonstrate what the capital will be used for (new equipment, materials, marketing, premises, etc). The more detail you can include the clearer it will be for the lending's committees to judge your application favourably.
Yes. The vast majority of governmental construction and building work has to go through a formal tending process with the most suitable company selected as the preferred bidder. These contracts can be small and large in scale and bidders usually have to have a track record of work in the specific area and be of sound financial standing. You can keep track of such available work at www.etenders.gov.ie. There can be a lot of hoops to jump through but if the project is valuable to your organisation and you have the time to make a quality submission then apply. You may be the best fit for the job.
Many industries undoubtedly took a battering during the downturn and many had to cut costs and staff just to survive. Now that the green shoots are starting to emerge and the sector will likely grow this year many of our clients have revert back to an expansion mentality with an emphasis on growing their business rather than cutting costs. The companies that have come through the tough times now see opportunities on the horizon with pent up demand and increasing disposable income . Also a reduction in competition will give existing operators a head start in the sector before the inevitable new entrants as the market picks up.
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"I have dealt with Jamie O' Hanlon, of Avid Partners - Accountants & Business Advisors Chartered Certified Accountants, for a number of years as he is auditor to one of my clients. I have always found him to be professional and responsive in his approach."
Bank of Ireland
As a small business experiencing growth Ortus Technology found itself in need of guidance. We weren't sure how to measure our company, how to grow within our budget or what our budget actually was. Avid Partners looked at our business, listened to us and got us to provide them with some information.
Ortus Technology
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"A breath of fresh air. Your firm demonstrated enormous commercial understanding in turning around negotiations with a potential target vendor. I admire your style and ability to drive the deal forward. Many thanks." -
"I would like to say I'm very happy with your service, especially the audit team, your staff are always friendly, helpful and a pleasure to deal with." -
"Your business approach to clients is very impressive. I have always found that when explaining the types of service on offer, it is always concise and straight forward. The level of trust that clients place in your company and its staff speaks volumes." -
"I would like to take this opportunity to say how much we are impressed with your company's professionalism, it has been a pleasure working with you all and we look forward to working with you in the future." -
"Avid Partners - Accountants & Business Advisors are an excellent firm of accountants, their quality ethos is outstanding." -
"I have dealt with Jamie O' Hanlon, of Avid Partners - Accountants & Business Advisors Chartered Certified Accountants, for a number of years as he is auditor to one of my clients. I have always found him to be professional and responsive in his approach." -
"Service is second to none; there is always someone at the end of the phone for any business advice. The staff are very easy to get along with, very approachable and know exactly what they are talking about" -
Having got to know the company through the BNI we decided it was time to change accountant. What impressed me about Avid Partners was their professionalism. Their attention to detail was second to none and as an added bonus they are a sounding board to all of my questions. Avid also potted some irregularities in my accounts from the previous few years and saved me substantial money on the years tax bill. Avid Partners deliver a first class service which is everything you could want from an accountant and I am happy to give this endorsement. -
We at Fitzies Bar have worked with Avid Partners - Business & Financial Advisers for over five years. We find that the advice and support offered to us in addition to all of our book-keeping requirements to include payroll, VAT, etc. is invaluable and has helped to contribute to our continued growth especially in these challenging times. I would have no hesitation in recommending Avid Partners. -
Jamie and his staff are a pleasure to work with. They respond promptly to any queries we have and are critical to our financial planning and the future needs of our business. I would highly recommend them to anyone interested in accounting services. -
We at Stillorgan Cycles have used Jamie and his Team at Avid Partners – Accountants and Business Advisers for over five years. We have found that the retail advice and support offered to us is second to none and has helped to contribute to our continued growth especially in these challenging times. I would have no hesitation in recommending Avid Partners. -
I met Avid Partners through a local business networking group. We had been using the same accountants for years and found that in these harsh economic times that we were not getting good enough value or service. We were very impressed by the company's professionalism and enthusiasm and genuine interest in helping us get the most out of our business. As a result we are now clients of Avid Partners and are thrilled with our decision.
