Stephensons Solicitors LLP Banner Image
Stephensons Trustpilot stars
Based on count 1312
View all reviews

Cash flow management

In its broadest term, cash management refers to the collection and redistribution of a company’s finances. 

Cash management is an important strategy for any business owner; taking proper control of a company’s finances will help to fund the day-to-day running of the business, prevent outstanding debts mounting up, and reduce the risk of insolvency. 

Stephensons is a leading business law firm, with many years’ experience of advising business owners on cash management practices, helping them to properly manage their company’s finances, and stave off the threat of insolvency in struggling organisations. 

For expert, impartial advice about the best cash management practices for business owners, from a team with years of legal experience, get in touch with Stephensons, by calling 01616 966 229.

 

loading staff

Tips for business cash management

  • Make realistic estimations of your business’s cash needs on a daily, weekly and monthly basis, and set your budget accordingly. It can be tempting to overspend sometimes, but ensure you stick to your budgets as best you can. Communicate this clearly with your bank manager.
  • Offer a variety of payment methods to your customers - credit card facilities, and online payment services such as PayPal, are vital for boosting cash flow. Early settlement incentives such as discounts can also encourage customers to clear their invoices in good time.
  • Invoice a client or supplier as and when a job is completed, rather than waiting till the end of the month to send invoices for all of the preceding month’s work. 
  • Always monitor which payments are outstanding, and send firm reminders to these clients about their payment obligations; if not yourself, assign these responsibilities to an experienced, reliable employee within the company.
  • Credit avenues, such as business loans and overdrafts, are a viable short-term solution for when cash flow is slowing down. However, this should not be seen as a long-term cash flow solution, and you should not let your company fall into the position where the day-to-day running of the business is reliant on these credit incomes. 
4.6out of 10
4.6 score on Trustpilot Based on count 1312

We're Great

It is our business to deliver legal services that work for our clients, and you can trust our specialists to take care of things on your behalf.

Our Trustpilot reviews

Commercial forfeiture restrictions extended

On 16 June 2021, the government announced that the restrictions on commercial forfeiture for unpaid rent arrears has been extended until 25 March 2022. The restrictions, which have been in place since 26 March 2020, were due to be lifted on 30 June 2021....

Read more

Twitter commercial

@CommercialLLP

Financial infidelity - don't let money secrets ruin your relationship

National survey reveals how truthful UK adults are about money matters with their partner. Almost a third (32%) of UK adults had little to no trust* in their most recent partner when it comes to financial matters. More than a third (38%) of UK...

Read more

Commercial reorder

  • Jonathan Chadwick
  • Louise Hebborn
  • David Baybut
  • Kate Bullen
  • Chris Graves
  • Alistair Gregory
  • Philip Richardson
  • Julie Ball
  • Paul Davies
  • Julie Hunter
  • Adam Pennington
  • Andrew Whitehead
  • Jessica Charnock
  • Sophie Chilstone​​​
  • Gillian Cooke
  • Laurence Searle
  • Martin Haisley
  • Terri Meehan
  • Neil Marshall
  • Declan Gilroy​​
  • Matthew Smith