If you’re currently paying your accountancy fee once or twice a YEAR, it could be time for a change.
Insisting on such payment terms can, in fact, leave you exposed to a myriad of cash flow problems, and makes short-term decision making and long-term growth incredibly challenging.
Why? Well, paying a large lump sum can heap pressure on you to find the money on time, be it every six months or every year. This could lead to delays in payment, compounding cash flow issues and putting your business at risk.
Instead of paying biannually or yearly, you should consider switching to a standing order and making more regular monthly payments.
Standing Order: What Is It?
- Standing Order – You give an instruction to your bank to make regular payments of a certain amount and from a nominated account.
Why Should You Use It?
Using a standing order payment method gives you more control over your money. Paying your fee on time and at regular intervals is vital to a healthy cash flow. You can monitor your revenue and set aside what you need to cover your expenses each month, as opposed to saving for a one-off payment.
Are you ready to switch to a standing order? Contact your nearest Saint office today.