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Q |
I
always pay my bills from vendors as soon as I get them in the
mail. If I don’t, I’m afraid I might lose my good credit rating
or that I’ll lose the bill and the vendor will cut me off.
Am I mismanaging my cash? |
| A |
I
don’t know if I would call it mismanagement, but you may not
be getting as much out of your cash as you could be. It’s admirable
that you’re so diligent about paying bills on time, but you
won’t lose your good credit rating unless your bills are consistently
late. Paying early doesn’t help your position. And, if you’re
paying on receipt as a method of ensuring that you don’t lose
the bills, you could enter them into your software system as
an amount payable, rather than writing a check on the spot.
That procedure gives you the benefit of tracking the amounts
due without paying early.
If you then choose to pay these amounts due on a regular check
run once a week or twice a month, you’ll have longer use of
your cash and your ability to forecast cash should improve significantly.
Another benefit is that you’ll save time because you’re consolidating
the task of printing checks instead of producing one each time
a bill comes in. |
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| Q |
I
have a question that hasn’t been addressed here. Do you have
anyone I could talk with? |
| A |
If
you have a question, please email donna@custombri.com
E-mail support packages are available, but your first question
will be answered without any cost to you. |
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