There are three components we need to consider to improve cash flow in an Accounting firm:
When you get all three in sync, you’ll get better, more stronger and effective cash flow. In this article, we will focus on two things - driving down your days in work in progress and receivables. Feel free to take the tips we provide here and implement them to get an understanding of how we work with firms.
HOW TO IMPROVE WIP
Here are 12 ideas for you:
HOW TO IMPROVE RECEIVABLES
How about these 11 ideas:
There ideas are fleshed out in more detail in one of a multitude of eLearning courses you will find in PANALITIX’s LearningHUB. You’ll be able to get your entire team involved, working systematically through video-based learning material supported with workbooks and other supplementary materials to assist in the learning and implementation of the new ideas. These courses are drawn from the vast experience of coaching Accountants over the past two decades by our co-founders, Rob Nixon and Colin Dunn.
About the Author
Colin DunnDirector & Co-founder at PANALITIX
Colin is a Chartered Accountant who, having spent almost 10 years with one of the fastest growing and most innovative firms in the UK, has spent the last 19 years working exclusively with the Accounting profession with a focus on helping them implement business advisory services with their clients. He is passionate about helping turn Accounting practices into Accounting businesses and holds a Bachelor of Arts (Hons) and is a qualified ACA. Colin is relentless in the pursuit of improving the performance of every firm he coaches.
Colin is the brains behind ENGAGER (previously the PANALITIX app), TRUST and Proactive Success System, PANALITIX’s three cloud applications for Accountants.
He is also a prodigious author and generator of content, primarily in the form of ‘how to’ material to enable Accountants to respond to client needs with value-based services. He is the author of the bestselling book “Accountants: The Natural Trusted Advisors.”