Manual processes can be surprisingly expensive. From paper forms and copies to copier ink and toner, you’re looking at significant money out the door every month.
If you haven’t done so already, automate your PO system to save even more time. Tip: Issue a PO for every single expenditure – they most certainly are allowing people to go out to big-box stores and spend money with no approval. The lack of consistency in using PO systems can seriously cost a business.
When you transform the paper trail to an electronic process, you practically eliminate those expenses, plus you also save on purchasing and maintaining printers, copiers and fax machines.
Closely look at the way your business operates.
If only a tiny portion of your business occurs before 10 a.m. or after 6 p.m., consider changing your business hours. Inspect your vendor relationships, and shop for more attractive offers. Just because “I’ve always done it that way,” doesn’t mean you should going forward.
Stay on Top of Accounts Receivable.
Similarly, printing invoices, stuffing envelopes, and waiting for checks to come back 45 days later results in little to no control over cash flow. Use electronic merchant accounts to expedite receivables. Other tips include:
Integrate Advanced Technology for Recoveries.
Reduce time to recovery by using advanced technology such as GPS and license plate recognition. Studies show that reducing the time to recover, reduces damage and limits losses. This means your costs for reconditioning goes down and you reduce the time to remarket.
Equally important to preserving your cashflow is making sure your investment is protected. This is especially true today as interest rates continue to rise and more and more consumers are struggling to make ends meet.
“I like the hands on customer service and the ability to have multiple and different products wired and wireless. Makes my job easier and the flexibility gives me options.”
Advantage GPS Customer