Cash flow management tips for your business

Cash flow woes can be a significant obstacle for business owners. From delayed payments to unforeseen costs, these challenges can disrupt operations and even jeopardise survival. 

There are strategies you can implement to enhance your financial health. Read how industry experts delve into these solutions in this week’s edition of ‘Let’s Talk' on Dynamic Business.

Fabian Calle, managing director, small and medium business, SAP Concur Australia and New Zealand thoughts are:

“Cash flow management is critical for businesses of all sizes to ensure stability and growth. There are four essential ways to manage cash flow effectively:

1. Real-time visibility: automating financial processes, such as expense reporting and invoice management, provides near-instantaneous insight into spending patterns. This transparency lets business leaders make informed decisions and adjust operations swiftly to ensure a steady cash flow.
2. Clear spending policies: business leaders should establish specific limits and approval workflows tailored to their unique needs. Automated systems flag non-compliant expenses before they escalate into significant issues for more control over spending. Encouraging all employees to understand and adhere to these policies reduces the risk of unexpected costs significantly and improves overall financial stability.
3. Consolidated company expenditures: a unified view of all expenses simplifies identification of cost-saving opportunities and reduces redundant or excessive spending. It also streamlines auditing processes, making it easier to pinpoint and address any discrepancies.
4. Data analytics: analysing spend trends and patterns lets business leaders better predict future cash flow needs and adjust budgets accordingly to proactively manage current finances while positioning the company for long-term growth and profitability.”

Read full article featuring thoughts from 15 industry experts.