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drain TRADER


anaging cash flow may present some challenges over the next few months. We share some of our tips and tools for how to handle your cash flow amidst the global crisis of COVID-19.


How to handle your cashflow amidst COVID-19 M


Across the world, the impact of COVID-19 on trade businesses has been unprecedented. In terms of the volume of jobs, quotes issued and invoices sent, there was a big drop in April as the lockdown took hold, but a bounce back after Easter. Many businesses operating in the UK are likely to have already experienced a decrease in income or may well experience this in the coming months.


The Cash Flow Problem


Tracking your cash flow and learning how to forecast are crucial in order for trades businesses to operate. But even in the best of times - with multiple stakeholders along the chain of work - this can present a challenge. It’s imperative to have a good understanding of the money coming in and out of your business.


Having a clear overview of your cash flow is vital and can help paint the paint of how your accounts are fairing over time. So, how do you do this?


How to use Okappy to Forecast Your Cash Flow


The number one thing to get to grips with is forecasting. This starts with understanding what the current cash flow situation is and how you expect it to change over time. We know that this may not be looking its best at the moment but understanding what’s going on will help you put a plan in place to improve it.


There are a few things you can do using Okappy to help you with this. 76 drain TRADER | June 2020 | www.draintraderltd.com


• Invoices raised • Invoices paid • Invoices outstanding


These reports can be combined into a Google sheet to create a cash flow forecast.


Use the reports to estimate the impacts of increased costs, decreased income and to help you make decisions. Since no one knows what the future will bring, you can use your cash flow forecast to help you factor in for any number of different scenarios that may present themselves e.g. what happens if income is reduced by x for x amount of time?


Additionally, on Okappy, you can also see from the jobs dashboard which jobs are completed, but not invoiced for. This allows you to raise invoices more quickly and easily, ensuring your forecast has all the correct data.


Creating Your Action Plan


Once you’ve built up a clearer picture of the cash coming in and out, and what it may look like in the future, you can start to plan accordingly. There are some proactive steps you can take to positively impact your cash flow over the next few months. Here are some things to consider:


Cutting your costs


You may be limited in what you can do to increase your income in the short term, but there are likely to be ways you can reduce your outgoings.


On Okappy, you have various invoice report options that will help you put your cash flow forecast together, such as for:


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