11/10/16 Cash Flow Issues

11/10/16 QBOchat

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QBOchat
Thu, Nov 10 2016 21:12:04

11/10/16 QBOchat

Getting Through Cash Flow Issues

  1. #QBOchat is today at 3pm ET/12PM PT. We are a tweetchat for the QuickBooks Online user community.
  2. Welcome everyone to #QBOchat. Please introduce yourselves to the group -> Name, location & name of biz.
  3. #QBOchat is a weekly tweetchat about QuickBooks Online, the best in class accounting platform for #smallbiz
  4. Each week #QBOchat has a topic to guide our conversation. We’ll start posting questions at 3:10PM ET/12:10PM PT.
  5. Today we will be chatting about process improvement. #QBOchat
  6. WRONG!!! That was last week! Oops! RT @QBOchat Today we will be chatting about process improvement. #QBOchat
  7. @QBOchat Alan from Avalara here! Checking in from a very foggy—but definitely beautiful—Seattle today. #qbochat
  8. Today we’ll be chatting about getting through cash flow issues. #QBOchat
  9. @QBOchat Natalie here with the Expensify team! We are celebrating the holidays this week in SF & have a full house. Happy #QBOchat Thursday!
  10. Hi all Sarah from Aero Workflow here. Joining from the SF Bay Area. #qbochat
  11. Happy Thursday, everyone! Plooto’s here again from Brooklyn & Toronto. #QBOchat
  12. Greetings to #QBOChat from Brent Blackburn here in Utah, owner of Biz Books Cloud LLC
  13. Cathy Iconis here in smokey Atlanta, GA too. It is crazy that the smoke from the forest fires 100+ miles north are affecting us. #qbochat
  14. Keep the intros coming while we share our #sponsorshoutouts. And, don’t forget to share what you love about our sponsors! #qbochat
  15. Catherine w/ @ProRata in Atlanta @suzannewelander can’t wait for that chrisp, clean(er) fall air! 🙂 #QBOChat
  16. @CathyIconis Oh no! Hadn’t heard about those—hopefully they are dealt with soon! #qbochat
  17. Hey we sometimes get California’s smoke from forest fires! RT @CathyIconis Cathy Iconis here in smokey Atlanta, GA too #qbochat
  18. Greetings! Tonya here from sunny and warm Phoenix, Arizona. Where we don’t mess with stinkin’ DST. It’s just easier that way! 😉 #qbochat
  19. @QBOchat Thanks! We love sponsoring! Btw: Did anyone else know today is apparently International Accounting Day? #qbochat
  20. The first question is right around the corner, remember to use A1, A2, etc when answering a question. #QBOchat
  21. Q1: What tools do you use to forecast cash flow? #QBOchat
  22. Hi everyone! Nicole here from XTBills in Plano, TX! I’ll be sure to have better typing skills this week 🙂 #qbochat
  23. Katharine from SkySouth Aviation here – I’m a QBO business user. Hi! #qbochat
  24. Welcome! We love newbies!! RT @Katharine3691 Katharine from SkySouth Aviation here – I’m a QBO business user. Hi! #qbochat
  25. @schultetonya I miss AZ, and esp no DST! My family is only 2 hrs off our time now. #qbochat
  26. Who declares such things? IMF? World Bank? UN? NATO? RT @AustinNexus RT @avalara: today is apparently International Accounting Day? #qbochat
  27. @suzannewelander Yes! I love not having to readjust my internal clock twice a year! #qbochat
  28. Welcome! RT @Katharine3691 Katharine from SkySouth Aviation here – I’m a QBO business user. Hi! #qbochat
  29. @Katharine3691 Welcome to the #QBOchat! We’re quite new here too but we’re loving the community. 🙂
  30. Hey everyone. It’s Cliff here from Albuquerque with ClockShark, easy time tracking for construction and field service.
    #qbochat
  31. A1: For my personal finances, I schedule out recurring transactions and have them hit 60 days in advance in QBO. #qbochat
  32. @QBOchat Hey! Sorry I’m #learylate! Valerie, Product Specialist from Intuit. #qbochat
  33. A1: For our clients, we go the spreadsheet route – trying to pull together all the different areas where cash comes in and goes. #qbochat
  34. @QBOchat Since about February. Was on Pro for 8 years before that. #qbochat
  35. Ufuoma from Atlanta, GA, Owner of Goshen Bookkeeping & Consulting #qbochat
  36. Seems like there should be an app for that! RT @CathyIconis A1: For our clients, we go the spreadsheet route … #qbochat
  37. @QBOchat a1. I’ve been learning a bit more about @FloatApp since meeting them at #QBConnect #qbochat
  38. A1: I track our current and quick ratio pretty carefully. If things are ever tight I roll in out in Excel based on customer habits #qbochat
  39. I can’t believe no one has mentioned the election 🙂 #qbochat
  40. A1: Excel but currently looking into different technologies #qbochat
  41. @PattiMart5 @vheckman @QBOchat @FloatApp YEs Float is cash flow forecasting and it is pretty cool. Worth a look. #qbochat
  42. A1: Also in the process of developing a “dashboard” using QODBC connection #qbochat
  43. Looks like I’m going to have to run and put out a client fire. I’ll have to catch the recap of this chat. Thanks @CathyIconis! #qbochat
  44. Q2: What areas of the business should you manage to increase cash flow? #QBOchat
  45. Sorry I am late. Karen from Transaction Pro and I am in Sarasota, Florida. I hope your week is going well! #qbochat
  46. A2: Businesses should look at ways to get paid as quick as possible to prevent/fix cash flow issues. #qbochat
  47. RT @CathyIconis A2: Businesses should look at ways to get paid as quick as possible to prevent/fix cash flow issues. #qbochat
  48. Companies who use @NOWaccount know that they’re getting 90% of their rev immediately & the rest 30 days aft the invoice due date QBOchat
  49. @QBOchat Penalties and interest, tracking bills using POs are a means of managing/increasing cash flow. Current inventory vs. obsolete.
  50. @kamsbaugh @vheckman What are the stats on e-invoicing in @QuickBooks Online? How faster do businesses get paid? #qbochat
  51. A2: Taking in all the in’s and out’s mean both A/R & A/P. Having it all in one place means less transaction sources to worry about. #QBOchat
  52. A1!! Companies who use @NOWaccount know that they get 90% of their rev immediately & the rest 30 days aft the invoice due date #QBOchat  https://twitter.com/suzannewelander/status/796810017785708544 
  53. RT @CathyIconis A2: Businesses should look at ways to get paid as quick as possible to prevent/fix cash flow issues. #qbochat
  54. A2. Connect your bank feeds and keep your cash balances up to date!
    #qbochat
  55. A2: Reviewing the cash flow statement shows you where cash is going. #qbochat
  56. A2: The cash flow statement reconciles net income and your cash balances. Profit does NOT equal Cash. #qbochat
  57. A2: Cutting down expenses such as office supplies by evaluating current use among staff or negotiate lower contract rates. #qbochat
  58. @CathyIconis @kamsbaugh @vheckman We use QuickBooks Payments – it has helped us but it is as much about process as technology. #qbochat
  59. A2: Get rid of slow pay customers by checking credit and knowing who you are dealing with. Don’t accept Net terms that are too long #qbochat
  60. @goshbookkeeping How about utilizing technology to automate processes and cut down on labor costs? #qbochat
  61. @CathyIconis I am totally paperless for my practice but most of my clients are not especially the nonprofit ones. #qbochat
  62. Q3: What examples of cash flow issues have you seen? And how did the business get through it? #QBOchat
  63. @wearecollbox yo, what’s up CollBox? The chat has been about improving cash flow. We think you can come to the rescue here too. #qbochat
  64. A2. Make it easy for your clients to pay you by providing multiple payment options. PayPal is a nice add to QBO!
    #qbochat
  65. A2: Delaying payment to vendors isn’t always the solution to cash flow issues. For example, pay your accountant! #qbochat
  66. @QBOchat A3 One of my customers is opening a second store…I was planning on doing a cash flow spreadsheet. Maybe I’ll try an app #qbochat
  67. A3: Clients spending money they don’t have in hopes of getting it back with a future prospective customer. #qbochat
  68. RT @CathyIconis A2: Delaying payment to vendors isn’t always the solution to cash flow issues. For example, pay your accountant! #qbochat
  69. A3: I have a client that has been tight on cash. We’ve looked at it and the issue is a revenue problem. He needs to get out & sell! #qbochat
  70. A2: Reevaluating pricing model to determine if there’s a gross profit #qbochat
  71. @QBOchat @QBCares Can you explain why on a MAC, there is now suddenly double-spacing on all entries? Please advise soonest.
  72. A3: Construction has terrible cash problems. Have to buy materials and front labor for months before getting paid sometimes. #qbochat
  73. A2 getting paid faster does not mean your customer has to pay faster. Retailers have no AR but we have AP with credit card #qbochat
  74. @getclockshark That is why a lot of them pad the costs/fees up front to cover that. #qbochat
  75. A3: Take a look at profitability by product/service and focus on gross margins. You might need to increase your prices….
    #qbochat
  76. And don’t forget Apple Pay. Both were two cool announcements at #QBConnect @TransactionPro #QBChat #qbochat
  77. A3: Scaling up to that 1st big contract creates a crunch when big custs don’t pay on time. Don’t think net 30 actually means 30. #QBOchat
  78. @CathyIconis Yep, but then when you don’t get paid when you think you were going to…. you are in a crisis. #qbochat
  79. A2 by accepting a credit card 4 payment in B2C or using a NOWaccount in B2B u can get paid immediately w/ no impact on the customer #qbochat
  80. Q1: Most of my clients are catch-up clients so I don’t get to do much forecasting in my business #QBOchat
  81. A3: Changing the billing process like billing one month in advance has definitely helped my clients avoid the EOY cash flow issues. #qbochat
  82. Moving to requiring CC Payments before service was big. And customers love the convenience. Doable in our field. #qbochat
  83. Guess it’s our turn to be LearyLate ? Eithne from @ledgerdocs here #qbochat
  84. Q2: I decided to focus on growing the payroll processing side of my business next year. We looked at @GustoHQ yesterday ❤️️it #QBOchat
  85. A3: Typically cash flow issues come from requesting credit lines from the bank when you’re already low on funds. #qbochat
  86. A2: Proper management of slow/no pay customers is critical. Invoice value decreases monthly so being proactive is key. #QBOchat
  87. @getclockshark , never hurts to ask! Which is another way to manage cash flow. #QBOChat
  88. A3: See it all the time. Businesses look at their bank account balance instead of their financials to monitor cash….
    #qbochat
  89. @NOWaccount what a great thing for B2C co’s — no more house accts, layway. Remember layaway?? so much better to get paid immed. #QBOchat
  90. A3: We’ve seen issues from a lack of comm. between vendors/customers payments that carry over to other sides of the business. #QBOchat
  91. Q4: What financing options are there to help businesses get through cash flow slumps? #QBOchat
  92. @MeganTarnow Agree. Receivables problems sometimes also stem from people not doing simple things like following up on invoices

    #qbochat

  93. A4 Important to set up bank lending when cash is good…so it’s there already when cash flow slows down. #qbochat
  94. So true! RT @PattiMart5 A4 Important to set up bank lending when cash is good…so it’s there already when cash flow slows down. #qbochat
  95. A3: Leveraging apps that make these commucations between businesses real time gives you better visibility into cashflow. #QBOchat
  96. A4 @QBOchat #QBOchat If co’s plan in advance, they can use @NOWaccount to accelerate & regulate cash flow–avoid a slump in the first place.
  97. A2: I encourage clients to grow their affiliate revenue streams if possible. It’s a smart way to increase cash with little effort #QBOchat
  98. A3: Basic cashflow / working capital issues seem to be common. Waiting on one project to pay for another. Also just bad AR Mgmt. #QBOchat
  99. @NayoCarterGray affiliate revenue streams? Do you work with bloggers a lot? #qbochat
  100. #QBOchat A4 financing (debt) may not be the right tool to fund cash flow because u borrow only to lend the dollars to your customer for free
  101. RT @PattiMart5 A4 Important to set up bank lending when cash is good…so it’s there already when cash flow slows down. #qbochat
  102. #qbochat A4. No retailer would borrow money to fund house accounts. B2B shouldn’t either!
  103. A4: learned about @fundbox at #QBConnect and they set me up an account(so I can share with clients) that I still need to activate ? #QBOchat
  104. A4: Lots of options: credit cards for expenses, short term loans and line of credit #qbochat
  105. A4: Do people have success using discount terms to encourage prompt payment? #qbochat
  106. A4: @fundbox is great for short term capital against A/R. @fundera for larger needs. @NOWaccount can help flatten out the humps. #QBOchat
  107. @Katharine3691 I think it depends on the discount and the dollar amount of the invoice….
    #qbochat
  108. @CathyIconis online coaches and therapists are some of my clients and they are either recommending books or equipment from Amazon. #QBOChat
  109. @TransactionPro Discount would need to be compared against LOC or other financing options and fit the biz cycle. #qbochat
  110. @Katharine3691 when I used to work in corporate America that used to encourage me to get AP out the door faster…#QBOChat
  111. Q5: What should businesses avoid doing if they are having cash flow issues? #QBOchat
  112. @QBOchat A5: Don’t overlook returns and shipping expenses! 5 tips for effective cash flow management:  http://avlr.co/2g1wp9U  #qbochat
  113. A4: Consider using non-refundable deposits to create access to revenue early in project thru @NOWaccount, helpful for construction #qbochat
  114. A5: Avoid generous credit terms and invoice at net 10 or net 15 #qbochat
  115. A5: Ignoring contribution margin/fixed costs and overhead. Price right! #qbochat
  116. When is #QBOchat this week? Arizona didn’t do the time change so I am confused. Hopefully I’m not #LearyLate
  117. A5: Put focus on collecting any delinquent AR. The longer they put it off the harder it is to get paid!#stopwritingitoff #QBOchat
  118. @QBOchat A5: Also, what they SHOULD do, is continually be building up cash reserves for when taxes are due!  http://avlr.co/2g1wp9U  #qbochat
  119. Just a few minutes left for this week’s #QBOchat. What is your favorite take away?
  120. A5: Tighten the outflow and make sure any outstanding inflows come in. #QBOchat
  121. Next week’s topic is Being #Thankful. Schedule it on your calendar now! #QBOchat
  122. RT @QBOchat Next week’s topic is Being #Thankful. Schedule it on your calendar now! #QBOchat
  123. A5: There are quite a few ways to manage cash flow better! #qbochat
  124. My favorite takeaway is the reminder to accept diff types of payments…more ways to take payments more opp to get paid! #qbochat
  125. That’s it for this week’s #QBOChat, thanks for taking the time to tweet with us!
  126. @QBOchat Excited! Thx all, and Happy Accounting Day(?)! In recognition, here’s A Brief History of Bookkeeping:  http://avlr.co/2exFWQS  #qbochat
  127. Happy Veterans Day a day early. Everyone have a great rest of the week! #qbochat
  128. @QBOchat Thanks for hosting, as always! See you next week. #qbochat

QBOchat Admin

#QBOchat began in July 2013 with the simple idea to host a weekly Twitter conversation around QuickBooks Online (QBO). We have since grown into a very strong community comprised of a diverse group of users. Our weekly tweet chat is held each Thursday at 3:00PM Eastern. The discussions cover a wide range of topics including QBO’s latest features and updates, business operation tips and apps that integrate with QBO, to name just a few.

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