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(BPT) - By Irana Wasti, Chief Product Officer of BILL
As a business owner, keeping your finances thriving is critical, especially if you’re looking to do more with less as many small and midsize businesses (SMBs) are. Having your finances in shape can open the door to new markets, products and services, customers, and expanded advertising and hiring.
Staying organized — especially with cashflow records — is one of the best ways to ensure your business continues to succeed. If you want to manage and optimize your finances and ensure your business finances are in good shape, follow these five simple, effective steps.
1. Go paperless
Drowning in paper? Opting out of reconciling credit cards and bank statements on paper and transitioning your accounts payable (AP) and accounts receivable (AR) to a digital system can easily declutter your finances. By switching your payables and receivables over to a digital system, you'll virtually eliminate the need for managing everything on paper.
You can save money and time by sending payments with just a few clicks and automating recurring payments. Also, automation can optimize approval and review workflows, and reduce human error and time spent on routine tasks. With smart, AI driven software, getting started can be as easy as taking a picture of your next bill. And it continues to pay off with peace of mind and improved efficiency in the future.
2. Secure and organize financial documents
Without so much paper, you may find it easier to keep all your financial records organized, secure and easily accessible. For example, when customer Mount Tamalpais College adopted BILL, they were able to more easily adapt to hybrid work (physically working on site and virtually), streamline AP and spend far less time shepherding documents for signatures and approvals. If they go through an audit, they'll have all their important documents stored in one convenient, accessible place.
3. Take a financial inventory
Another helpful step is to take a financial inventory and review your business spending habits. The goal is to gain more comfort and clarity over your finances and to use this information to make more informed financial decisions. This can be even easier if you’re using financial automation software that provides visibility into your cash flow and lets you generate reports. You should review to see if:
4. Make it easier to pay and get paid
According to a study by PYMNTS, 49% of invoices become overdue. Since getting paid on time is essential to your company's financial health, it's time to roll up your sleeves and do a deep clean of your AR.
Use your reporting system to pull up all your unpaid invoices. This will quickly give insights into which clients owe you money and if some regularly take too long to pay. If you use BILL, you can set up auto reminders to let clients know when payments are due or if anything is overdue.
Take control of your cash flow and avoid late payments by making your payment process easier. You can do so by expanding payment options, such as accepting credit cards, ACH bank transfers, PayPal and more, so your clients can have more options to pay you. You can also consider using an online portal to enable customers to pay invoices online and set up autopay and flexible payment plans to improve your cash flow.
5. Set new goals and plan
If you've reached your initial business goals, it doesn't mean you should sit on your laurels. It's essential to spend a little time planning the future of your business. This could include setting aside funds for future investments, building an emergency fund, preparing for potential market changes, or even succession planning and contributing more to your personal retirement accounts.
By going paperless, organizing your financial documents, doing a thorough financial inventory, reviewing unpaid invoices and planning for the future, you can ensure that your business is on the right path to meet its financial goals and thrive this year and beyond.
Financial automation does not have to be hard, complicated, or reactive. At BILL, we can help take proactive action to you get your business finances in shape by streamlining your AP and AR workflows for better visibility and control of your cash flows. To see how it works, visit Bill.com/Signup to start your risk-free trial.
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(BPT) - The province of Quebec has the worst roads in North America, according to voters in a month-long campaign from Nokian Tyres.
The home of poutine is also home to the continent’s worst potholes, beating Colorado in the finals of a bracket-style competition intended to educate drivers about Nokian Tyres’ Pothole Protection program, which the company offers with select all-season and all-terrain tires.
Quebec defends the dubious honor won by Montreal during the first iteration of Nokian Tyres’ Worst Roads in North America competition in 2021. In addition to winning a collection of daily polls on Nokian Tyres’ Instagram, Facebook and Twitter channels, Quebec received an overwhelming number of entries at NokianTires.com/Potholes, where drivers were invited to make their case and learn how to choose tires that safeguard against rough roads.
Those voters are not alone in their assessment of Quebec’s road woes. A 2021 study by the Canadian Automobile Association (CAA) claimed that Quebec drivers spent an average of $258 per year on maintenance costs caused by poor roads, the most in Canada and more than double the national average.
“We appreciate the overwhelming response we received from drivers in Quebec and across the United States and Canada during our Worst Roads campaign,” said Nokian Tyres Senior Manager of Communications Wes Boling. “It’s clear that drivers in North America crave tires that keep them safe, especially this time of year when unpredictable weather conditions create potholes and other road issues.”
Nokian Tyres offers a Pothole Protection program with several of its all-season and all-terrain tires, including the Nokian Tyres One passenger tire and the all-terrain Nokian Tyres Outpost Family. If a tire suffers damage from a pothole or other road hazard, Nokian Tyres will replace it for free.*
Last week the company launched its newest all-terrain tire reinforced with Pothole Protection, the Nokian Tyres Outpost nAT, which is exclusively made and sold in North America.
Nokian Tyres makes all-season and all-terrain tires at its award-winning factory in Dayton, Tennessee. The company is doubling production at the factory, which is one of the most advanced, sustainable tire production facilities in the world.
To learn more about Nokian Tyres’ Pothole Protection program, visit NokianTires.com/Potholes.
*Terms and conditions apply
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