Knowing Is Growing

Improve your Odds of Getting a Loan with a Bulletproof P&L Statement

BY ON October 31, 2017

One of the most important financial statements your small business has is a profit and loss statement. As a start-up, your P&L statement is critical for analytical reasons, but it can also be used to assist you in getting the loan you need to finance your idea. It gives investors a clear overview of your company and what they can expect from you.

When applying for a small business loan, however, your P&L statement will contain important information like forwarding projections. As investors see all small businesses as a higher risk investment, it is up to you to convince them that your business has what it takes to make it. Proving your business’ viability is the only route to go.

Besides exceptional credit, your business plan, and a personal resume that speaks volumes about you, your P&L statement is one of the most important requirements for business loans. This begs the question; how can you ramp...

How to Get Paid Faster

BY ON August 22, 2017

Research suggests more than one-fourth of start-ups fail due to a cash crisis. While profits look appealing on an income statement, cash pays the bills. If you’re struggling to convert your sales into cash fast enough, consider the following ways to get your business paid faster.

Invoice Immediately Using Email

Your clients aren’t obligated to pay you for completed services until you send a bill. To get paid faster, invoice customers immediately after finishing a sales transaction. To be even more efficient, email your invoices immediately after creating them through Xero. Posting your invoices only delays payment — firstly there’s the time they take to reach your customers, second, there’s a high chance your customers will put your invoices in a drawer and forget about them.

Use Clear and Kind Language

In your payment advice, encourage your customers to pay you using a pa...