Wealth Vision Mastery Academy

Hello fellow entrepreneurs, Clients not paying on time is a headache and some times a nightmare for any small business. Small businesses suffer significantly more than large businesses because they do not necessarily have access to reserves of cash or third party funding. Late payments are a global issue. Governments around the world are now starting to pay attention to this issue for small business entrepreneurs. As long as businesses have been sending invoices, customers have been paying them late. Here's how to speed them up with some great tips that you can adopt into your business today. 1 - Send your Invoice immediately. Your client can’t pay until you've invoiced them, so send your invoice fast. There is no logical excuse for invoices being prepared after the goods or services have been supplied. With today's cloud accounting software, an invoice can be prepared on site and sent from your mobile phone. 2 - Invoicing to be 100% error free. Make sure your i...

Hello my fellow entrepreneurs, Do you feel like your customers are treading on you with delayed payments? You are not alone. Thousands of companies across the world are feeling the pinch from some of their customers not treating them with respect and making late payments. Small business entrepreneurs find it difficult to make their own payments to suppliers and employees if big companies do not play fair and fail to make their payments on time. There has been plenty of media attention in 2017 where Federal Governments around the world have tried to regulate larger size companies to pay smaller size companies in a more timely manner. Today, i wanted to share with you some credit management mistakes that i see quite often and these mistakes can be impacting upon your business. Please take a moment to review these common mistakes to see if any of these mistakes apply to your business. If you are experience any of these mistakes, now is the time to correct these mistakes befor...

Welcome to a new series of blogs for 2018 on managing Cash Flow in your business. You have heard of the common expression that “Cash is King”. It's so true and cash is vital for small business survival. Cash is King is critical for businesses starting up, growing or even exiting. At any stage of the business life cycle, cash is vital. Without cash, there is not a chance for business survival. Invoicing is part of good cash flow management. Once you've delivered a product or service, don't wait to invoice - invoice immediately. A product or service that has been delivered is the closest thing your business has to cold, hard cash. The sooner you invoice your client, the sooner you'll receive payment. Some cloud accounting packages have mobile app solutions that will enable you to invoice at client's premises or when you sell a product. Delayed invoicing will harm your cash flow and your business. Consider sending invoices immediately, or on a daily basis, dep...

Masterminding Cash Flow Strategies in your Business Hello my friend, Business analysts report that poor management is the main reason for business failure. Poor cash management is probably the most frequent stumbling block for entrepreneurs. Understanding the basic concepts of cash flow will help you plan for the unforeseen eventualities that nearly every business faces. Cash management helps to ensure that adequate levels of capital are available to a business for short-term needs such as inventory purchases. A good cash management program can significantly influence the efficiency of operations, which can also reduce overall costs. The goal of most cash management systems is to eliminate surprises related to cash by meeting the daily cash requirement at the lowest cost possible. Profit growth does not necessarily mean more cash on hand. Profit is the amount of money you expect to make over a given period of time, while cash is what you must have on hand to keep your busine...

Hello my friend, Running an Accounting or Legal Practice can be time consuming, particularly with cash flow. Business leaders internationally are challenged with the increasing changes in the market place. New technologies, new standards, fading customer base, dwindling cash reserves are all factors affecting these industries for the smaller players in the market. To stay abreast of the market and competitors, you need to change your game plan and strategies to effective complete. As part of the overall game plan change is ensuring that you have a strong Cash Management Process in place. One of the common myths in the market place as seen by customers is that accountants and lawyers are just there to help you get out of trouble. WRONG . Perception has been that these two professions do not add value and are too expensive. WRONG . I know because I am an Accountant and have experienced the same issues that you are now experiencing. You will be totally surprised as to how you can ...

Hello my friend, The start of a new calendar or financial year finds many businesses struggling to find cash. Cash management helps to ensure that adequate levels of capital are available to a business for short-term needs such as inventory purchases. A good cash management program can significantly influence the efficiency of operations, which can also reduce overall costs. The goal of most cash management systems is to eliminate surprises related to cash by meeting the daily cash requirement at the lowest cost possible. Business analysts report that poor management is the main reason for business failure. Poor cash management is probably the most frequent stumbling block for entrepreneurs. Understanding the basic concepts of cash flow will help you plan for the unforeseen eventualities that nearly every business faces. Cash is ready money in the bank or in the business. It is not inventory, it is not accounts receivable (what you are owed), and it is not property. These can...

Have you experienced loss of funds in your business through "unauthorised payments?" Not only is it embarrasing for your business but does create a lot of stress and perhaps, financial hardship. This situation should serve us a reminder to check our own internal processes to prevent this type of fraud which often, is not recoverable. It is not only large organisations that are vulnerable to misuse of their bank accounts, small businesses are regularly hit by unscrupulous use of their banking platforms. This mean it’s incredibly important to get the processes and procedures right. Every business (small, medium or large) should have its own internal processes and procedures in place to minimise risk. These processes and procedures should be tested and reviewed on a regular basis rather than waiting for an incident to occur before testing. By that time, it is too late. In this particular case, it appears that the employee had bypassed the first step of payments process becau...