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Tips on How to Improve Your Cash Flow Management with Xero

An image articulating the challenges of managing cash flow
Xero Helps Simplify Managing Your Cash Flow

Introduction: The Importance of Cash Flow Management for Small Businesses

Welcome to JacRox, a brand division of Jack Ross Chartered Accountants in Manchester. We are dedicated to offering expert Xero services to a wide variety of clients, from sole traders to large corporations. If you are in need of state-of-the-art cloud accounting software, use the contact form on the right and one of our JacRox team will be in touch to discuss next steps.

Managing cash flow effectively is critical for the success of any small business. Inadequate cash flow management can lead to various issues, including the inability to pay bills or invest in growth opportunities. This article aims to guide small business owners on improving their cash flow using Xero, one of the UK’s leading accounting software platforms.

Cash Flow: What Is It and Why Does It Matter?

Cash flow refers to the amount of cash your business generates and spends over a specific period. Maintaining a healthy cash flow is essential for your business’s survival and growth. Let us explore how Xero can help you keep your bank accounts happy and your business thriving.

The Power of Xero in Cash Flow Management

Dashboard: Your Cash Flow Hub

Xero provides a user-friendly dashboard to monitor your cash flow in real time. This feature helps you track your cash flow and manage your cash effectively.

Invoices: Get Paid Faster

One of the quickest ways to improve your cash flow is to get your invoices paid faster. Xero allows you to send invoices instantly and even adds an expected payment date to help manage cash flow better.

Short-term Cash Flow Projection: Plan Ahead

Xero offers a short-term cash flow projection feature that enables you to foresee your cash position in the next 7 or 30 days. This tool is invaluable in planning for any negative cash flow that may arise.

Xero Analytics Plus: Advanced Cash Flow Insights

For those who require in-depth analysis, Xero Analytics Plus provides a more detailed cash flow forecast, helping you manage and improve your cash flow even further.

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aj shelton 22/12/2021
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Jack Ross has been my accountants since I set up my business in 2016. From the outset I was helped with advice, support and encouragement. I cannot commend them highly enough. Always on hand to answer any question and responsive to any changes in the economy which might concern their clients. I don’t have to worry about the financial side of my business as all of that is taken care of and dealt with by Umar and the brilliant team. If you are looking for a top class accountancy firm which maintains the personal touch they are for you!

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I can confidently recommend Jack Ross Accountants. They are continually improving their service, greatly benefiting our company as well as me personally. The team at Jack Ross have helped suggest and set up innovative accounting software, adding training and support. This alone has been a massive step towards having more control and understanding of our company finances.

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I have used Jack Ross as my accountants for a number of years. Their service is professional and accurate. They deal with queries promptly and I can always get hold of the person I need to speak to. Their digital product has made a big difference to the efficiency of my business. I would not hesitate to recommend them.

Benjamin 22/02/2017
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I have had a relationship with Jack Ross for several years and continue to be impressed by the proactive support and diligent advice received across the breadth of the firm. Excellent at signposting.

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Cash Flow Forecasts in Xero: A Game-Changer for Your Business

What is a Cash Flow Forecast?

A cash flow forecast estimates the amount of money you expect to flow in and out of your business within a specific period. It provides a detailed overview of your business’s cash flow, helping you anticipate periods of negative or positive cash flow. With this information, you can make informed decisions, such as when to invest in new equipment or cut back on expenses.

Xero’s Cash Flow Forecast Feature

Xero includes a cash flow forecast feature, making it easier to manage your cash flow effectively. This feature is part of Xero Analytics Plus, which offers an in-depth analysis of your business performance, including cash flow information.

Manage your cash flow | Xero

Practical Tips to Track Your Cash Flow with Xero

Track Payment Dates

Xero allows you to add an expected payment date to your invoices. Knowing your planned payment dates helps you manage your cash flow effectively.

Speed Up Invoicing

The sooner you invoice, the sooner you get paid. Xero’s invoicing feature ensures you can send invoices immediately upon completing a job, thus improving your cash flow.

Utilise Online Payment Options

To get paid faster, enable online payment options through Xero. This feature reduces the time to pay and positively impacts your cash flow.

Get In Touch

For personalised advice directly relating to your business, it is beneficial to consult professional advisors. Here at JacRox, our Xero specialists can guide you through the onboarding process, all the way through to crafting a bespoke package tailored to your business needs. Please fill out the contact form below, and one of our JacRox team will promptly be in touch.  

Conclusion: Xero – Your Cash Flow Management Partner

If you still have questions about managing your cash flow, Xero Central offers numerous resources to help. Xero has several features to improve cash flow, from a straightforward dashboard to more advanced tools like Xero Analytics Plus. Using Xero, you can keep up with late payments and maintain a positive cash flow.

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With Xero, you can get paid faster by sending invoices with payment links. Additionally, you can add Due Dates or Overdue reminders when an invoice is not paid on time, encouraging customers to pay their invoices quickly.

With Xero’s comprehensive suite of features, it can help you keep your cash flow under control. The Cash Flow Forecast template lets you predict upcoming payments and overdrafts or excesses to ensure enough cash is available for future payments. You also can track overdue invoices and bills within the platform. Hence, you know exactly where your business stands regarding what needs to be paid.

You must review your financials regularly to identify any potential issues with how much money is coming into or going out of the business. Ensure all overdue invoices are followed up on promptly, look out for trends in customer payment habits, and create a budget for regular and unexpected expenses so that you know what kind of impact these will have on your overall financial position.

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Take advantage of harnessing the full potential of Xero for your business. Whether you're a start-up, a thriving SME, or a larger enterprise, our Xero-certified accountants are ready to guide you through every step. Please fill out the form below, and let's begin your financial transformation.

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