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So you’re not an accountant? That’s fine – it’s these six financial things you need to know anyway

Most business owners, most Managing Directors are not accountants. Yet most businesses get by, survive and thrive.

So what is it that these people running most businesses know or need to know if they are to be sustainably profitable and successful?

Six financial things.

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Management accounts – five steps to useful numbers

none of these steps will be very effective if you don’t have the people or the accounting software in your business to produce the information you need when you need it, so make sure that you have these basics right and seek help if you don’t.

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Slow payments kill a company

We hear a lot about slow payments and most of us experience the pain of slow payments, but for one client of ours it caused the death of the company.

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Credit management – A sale is a gift until it’s paid for (part 2)

Every business should be compelled to sell to a large, multinational organisation every now and then just to be reminded of the pain you have to go through sometimes to get paid.

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Credit management – A sale is a gift until it’s paid for (part 3)

Another very simple target is the amount of cash collected each month. You can have a minimum collection level and then consider paying bonuses to your credit control team for beating the basic target.

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Making chasing debts easy with QuickBooks – 1 minute video

Make chasing debts easy! This one minute video shows you how to send emails straight to customers who have not paid you and include the unpaid invoices as PDF files as attachments.

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Create an Aged Debtors report in QuickBooks 2013 – 2min video

A 2 minute video that shows you how to create and save a useful aged debtors report in QuickBooks 2013. Improve your credit control now!

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Cashflow – do not think you are richer than you are!

In businesses where you get paid upfront you have to be so careful to remember that costs and cash outflows will follow the cash inflows – so do not spend all the money!

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Cashflow – five ways to manage cashflow and make more money

Cashflow is the lifeblood of all businesses. We continue to live and to trade in uncertain times, which makes cashflow management even more important.

We also face a very difficult banking climate which puts a huge premium on self-reliance, being the master of your own cashflow destiny and not having to look to your bank for funding.

So here are five ways to manage cashflow and make more money.

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