Glen Foster from XERO will be our first speaker at this year's Small Business Conference Cash flow is one of the leading reasons behind business failure. In this day and age, there are plenty of tools and ways to ensure small businesses can stay on top of their cash flow. Using Xero allows small business owners to keep on top of their incomings and outgoings, thus making them aware of any upcoming issues. For businesses that want even more visibility, couple Xero with one of the cash flow apps to give greater insights and even more powerful tools for collecting payments. Xero's "Small Business Insights" (https://www.xero.com/uk/resources/small-business-insights/) tell us that nearly 50% of businesses are not cash flow positive and 37.8 days is the average duration to get paid. Worrying stats as we head into an era of uncertainty with Brexit looming. Using payment apps such as Go Cardless or Stripe allow small businesses to get paid quicker. When a business invoices using one of the online payment tools such as Stripe, our research tells us they get paid up to 21 days faster, 3 whole weeks sooner than if they use traditional methods. This also removes a lot of the administration around collecting fees as they're fed into Xero to be reconciled and enabling better visibility of a businesses cash flow position. The key component to cash flow management is done within Xero though. Bank feeds, the process of setting up a feed so bank transactions are regularly fed into the system and reconciled on a regular basis. With bank feeds, the traditional once per month or per quarter task of trying to get on top of your bookkeeping can go away. Typically most small businesses have less than 10 transactions per day and that becomes a 5 minute job each day to keep up to date, on top of your finances and ahead of any cash flow challenges. Couple bank feeds with the powerful invoicing tools in Xero, such as repeat or group invoicing and also invoice reminders and you've got a powerful end to end solution for billing revenue and collecting it. Cash flow management doesn't have to be a chore and it's surprising how many business owners get more interested in the finances behind their business when the numbers are up to date and simple to understand.
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