{"id":6292,"date":"2019-04-02T18:30:46","date_gmt":"2019-04-02T17:30:46","guid":{"rendered":"https:\/\/www.sage.com\/en-gb\/blog\/?p=6292"},"modified":"2024-08-14T11:42:13","modified_gmt":"2024-08-14T10:42:13","slug":"business-intelligence-improve-cash-flow","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-gb\/blog\/business-intelligence-improve-cash-flow\/","title":{"rendered":"How to use business intelligence to get paid and improve cash flow"},"content":{"rendered":"
\n\t
\n\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\tMoney Matters<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t
\n\t\t\t\t\t

\n\t\t\t\t\t\tHow to use business intelligence to get paid and improve cash flow\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t

\n\t\t
\n\t\t\t
\n\t
\n\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\n\t\t
\n\t\t\t\n\t\t\t\t\"\"\t\t\t\tMathew Love<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

For small and growing businesses, there are few tasks more important than ensuring you\u2019re paid on time and managing your cash flow.<\/p>\n\n\n\n

Let\u2019s face it, your startup capital or the money you currently have in the bank is not enough to fund the day-to-day expenses of your business indefinitely, and so you need to be able to plan for cash coming in and going out as accurately as possible.<\/p>\n\n\n\n

Without doing so, you place yourself at risk<\/a> of manning a sinking ship\u2014as the decisions you make aren\u2019t based on accurate financial data and it\u2019s likely that you\u2019ll end up spending more cash than you\u2019re earning.<\/p>\n\n\n\n

There are many ways business intelligence can help guide you towards better and smarter business decisions, ensuring you get paid timeously and ultimately safeguarding your cash flow. Here are a few that stand out.<\/p>\n\n\n

\n\tDownload your free copy of Perform at your best<\/a>\n<\/div>\n\n\n\n\n

Know exactly who owes you cash and how much<\/h2>\n\n\n\n

Keeping track of who owes you cash and how much they owe you can be hard, especially when you\u2019re focused on grinding out sales or services to keep your business going.<\/p>\n\n\n\n

However, without following up on customers and their unpaid or partly paid invoices, your business can quickly run into financial difficulties.<\/p>\n\n\n\n

In fact, according to a study<\/a> conducted by Sage, 17% of all payments to small and medium-sized enterprises (SMEs) are late in the UK alone, which leads to more than 50% of UK SMEs experiencing a negative impact on company investment, and their ability to pay their suppliers and pay staff an annual bonus.<\/p>\n\n\n\n

With business intelligence<\/a>, you\u2019re able to get a quick overview of your debtors and easily identify who you need to reach out to so you can ensure you get the cash that\u2019s owed to you.<\/p>\n\n\n\n

Better yet, great business intelligence solutions will empower you to instantly dig into the details behind who owes you cash and discover what they owe you for, who you need to contact to get that cash and, most importantly, how long it\u2019s been outstanding.<\/p>\n\n\n\n

This could potentially save you up to 15 days a year in chasing late payments<\/a>.<\/p>\n\n\n\n

\"Aged
An Analysis of Aged Debtors dashboard should quickly tell you how much cash you\u2019re owed, who owes you this cash and when it\u2019s due<\/figcaption><\/figure>\n\n\n\n

Get visibility into when that cash is due<\/h2>\n\n\n\n

While insight into who owes you cash and how much certainly helps, the true power of business intelligence when chasing payments lies in its ability to present you with information on due and overdue invoices.<\/p>\n\n\n\n

Access to this information in a visual and easy-to-understand format is vital when you\u2019re following up on payments, as it equips you with the knowledge and insight you need to approach your customers and ask them to pay up.<\/p>\n\n\n\n

Read more about business intelligence<\/strong><\/p>\n\n\n\n