Invest spare cash in a high interest account
During the month of January 2012 Ezypay is sharing our cash flow expertise and running a 31 Day Cash Flow Challenge. Each day we are sharing a cash flow tip for your business. The daily tip will be posted on our blog and our Facebook fan page first. Then each week we will email our clients a summary of the last 7 days tips.
As an outsourced direct debit service provider we know all about cash flow at Ezypay. We offer a variety of payment collection services that assists businesses in the regulation of their cash flow and revenue without the hassle of managing customers’ bills.
Do you have any spare cash in your business? Yes? Then you should invest it in a high interest account.
If you do have any cash that you aren’t using immediately I hope that it isn’t sitting in your business bank account. If it is you are currently earning almost nothing if not nothing on this money. There are a few providers like ING Direct, and Bank West to name a few that has high interest and fast access savings accounts. You can find the right one for you on Google and then many of them you can sign up online. However if you do have to go to a bank to open an account consider it a good investment of your time.
If you don’t have ‘spare cash’ then do you have large amounts of money that you collect from members or customers at different points in the month? If you are an Ezypay client you might be in this situation. You could get Ezypay to deposit this money into a high interest savings account because if you leave it in there for a few days or weeks a month you will earn some interest that you aren’t currently earning.
31 Day Cash Flow Challenge – Update…
Day #1 – Make sure you know your current financial position
Day # 2 – Make sure the price is right and you are covering your costs
Day #3 – Reconcile your membership income on a weekly basis
Day #4 – Reduce non-core-expenditure
Day #5 – Carefully budget payments for essential expenses
Day # 6 – Keep stock levels to a minimum
Day #7 – Set your credit terms carefully
Day # 8 – Planning for the lumps
Day # 9 – Pay your creditors strategically – guest blogger Heather Stone – You’ve Been Promoted
Day # 10 – Are you addicted to lump sum revenue? Guest blogger Justin Tamsett – Active Management
Day # 11 – Don’t incur tax and other statutory penalties
Day #12 – Send invoices on a daily or weekly basis
Day #13 – Invest spare cash in a high interest account
Day #14 – Be really stingy and eradicate unnecessary expenses
Day #15 – Get finance products working to your benefit
Day #16 – Don’t forget about Pro-rata payments
Day #17 – Spread out payments over a reasonable time frame
Day #18 – Do a cash flow projection
Day #19 – Bring in the professionals
Day #21 – Do you know the difference between a balance sheet and profit and loss
Day #22 – get another quote or two
Day #23 – Discount …. but only for profit
Day #24 – Regularly complete an expense audit
To get these tips first like our page on Facebook or subscribe to our blog feed.
About Ezypay
Ezypay is an outsourced direct debit service provider dedicated to offering a payment collection system that assists businesses in the regulation of their cash flow and revenue without the hassle of managing members’ bills.
With close links to the fitness industry Ezypay offer small to medium growth business of all types an easy online payment collection options at www.ezypay.com.au
