Helping business thrive by utilising technology to improve Cashflow

2022 Filing season deadlines
October 6, 2022
Onboarding accounting systems
October 21, 2022

“Cash flow is the lifeblood of your business. If you manage it poorly, your business will haemorrhage, and suffer massive internal bleeding. And if you don’t stop the bleeding, your business will die”- Timelio

We all know that entrepreneurs have enormous potential to enter the market, especially with the unemployment rate currently sitting between 34.5% and 33.9%. One of the most significant challenges that entrepreneurs and business owners face are working capital shortages and cash flow constraints. This places a considerable burden on entrepreneurs, who employ somewhat 50% of the South African workforce. It is, therefore, more important than ever to equip entrepreneurs and business owners with the correct tools from the get-go, so that they can assist them in managing these challenges proactively.

Banks are always hesitant to provide finance to small businesses, due to the inherent risk involved and the dependency on the business to reach long-term outcomes. Therefore, business owners are forced to rely on internal liquidity or use expensive micro-lenders (who charge expensive interest rates) to pay their bills.

The utilisation of technology is vital to ensure that your business doesn’t bleed out and improve its liquidity to honour its commitments and grow the business.

Here are some of the must-haves for business owners:

  1. Simple Invoicing – Utilise automation in cloud accounting software to save time, reduce human error and get invoices out to your clients asap. The sooner clients receive their invoices the sooner they need to pay them! It’s also proven that clients are more likely to pay their bills on time if they receive them timely. Do not fall into the trap of leaving this important function for late nights and month end.

There is excellent functionality in cloud accounting software that enables business owners to quote and invoice customers on the fly from their mobile phones.

  1. Payment options – Utilise different payment options and portals to make it easier for your customers to pay on the spot. Many of these payment options integrate with cloud accounting software that enables customers to pay directly with a click of a button on the invoice and simplifies bank reconciliations. Although there are fees involved when utilising these different payment types, the benefits of receiving the cash faster may outweigh the costs involved by far.


  1. Collection of receivables – Utilise technology as part of a cloud accounting package or more customisable ones that can integrate with the cloud accounting package through an API Interface to remind customers that invoices are due at certain times and even thank customers for payments that were received. Let technology chase your customers and be part of the movement that collects their debt 5x times faster!

Starting off and utilising these technologies’ power in your business will be a game changer to improving cash flow in your business!

Reach out to your advisor to help you get on board with these technologies to ensure that your business doesn’t bleed out and enable your business to help grow South Africa’s economy.

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