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| Poor cash flow management is a leading cause of business failure, but modernizing back-office processes can reduce payment time and help with cash flow issues. |
| Improving Cash Flow, One Change at a Time To reduce payment delays from clients and vendors, asking for payment deposits at the beginning of a new business relationship is effective 🤝🏻. This method incentivizes clients to settle the total balance since they have already invested money in the project 💰. It also ensures that at least some money is coming in and motivates clients to complete the project quickly. |
| Switching to digital invoices 🧾 is now a requirement, not a recommendation. It saves time and money, as digital invoices 💻 can be sent and paid in seconds, freeing up valuable time for back-office employees. Examples  Paypal  Stripe  Square |
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| Digital invoicing systems 📩 offer several benefits, including integration with financial software, less paperwork, and improved accuracy of financial statements. Additionally, providing multiple payment options can motivate people to pay quickly. The easier it is for someone to take the desired step, the more likely they are to take it. |
| To improve cash flow, businesses should accept credit and debit cards 💳 , explore digital payment options 👩🏻💻, and offer payment deposits. |