Top tips to help you manage cash flow

If you manage finances, you know that staying on top of cash flow is key to success.

With economic downturns and global events, cash flow management is still a significant battle for many agencies and businesses. Here are our tips for riding out a cash flow slump, so you stay in the green and ready for anything.

01Reduce your expenses

Cutting everyday agency expenses is a great way to balance the books when unexpected issues hit, such as delayed tenant payments, excessive building repairs or urgent maintenance.

Take a deep look at all your agency’s expenses. Print them out if you can and analyse each one, looking for anything you could cut or renegotiate. It can take a while, but the savings can be significant over time.

02Open up more payment options

Don’t let limited payment options for tenants and landlords hold back your cash flow. Letting people pay with a range of methods can speed up the payments you’re owed, for example:

• PayTo
• Bank account
• PayID
• Credit card

03Stay on top of your receivables

Staying cash flow positive means keeping cash coming in as quickly as possible, while holding back on expenses for as long as possible.

A great way to do this is to make sure tenants pay rent quickly and on time. Payment platforms like Rental Rewards help you stay on top of rent with automatic direct debit, auto-retry and SMS or email reminders, so you have cash available for expenses like property repairs and maintenance.

How Rental Rewards helps agents get paid

Rental Rewards gives agents one payment portal for rent and other property payments, with useful rent collection features and no setup or contract fees.