One of the most important aspects of any business is ensuring a steady flow of revenue. Without a steady flow of money your business will stall and ultimately sink into debt and hard times as you live from payment to payment. Thankfully, there are many ways to ensure that you properly prepare your methods for managing your many receivables.
Your receivables refer to all of the bills and invoices that you’ve sent. This expected payment from customers and clients will be the bread and butter of your business as you will most likely rely on the proper payment of bills to finance any expansion plans or just to pay the plethora of bills that you will face. This makes managing your receivables all the more important.
You can’t just scribble down a bunch of numbers onto a little notepad and expect for everything to work itself out. You will need to keep a full sales ledger to track all of your customers’ outstanding debts. You have to ensure that no one is slipping through the cracks. Improper management would mean senselessly lost revenue that could have helped your business grow even more.
For this reason you’ll need to have everything in...
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