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Step 5: Plan Your Next Payment Run

Bills arrive into your business every day. But most businesses don’t settle their debts on a daily basis.  Chances are, you have a designated day for when you deal with bills.

When Float pulls in a bill from your accounting platform, it looks at the due date and predicts that you will pay that bill on that due date.

But because the reality is you will pay your bills in a batch, to make Float more accurate, you should manually update the expected date of your bills.

This Task Should Takes Less Than 4 Minutes

  • Log-in to Float
  • Go to the “Bills To Pay” tab
  • Select each bill individually, or select multiple and go to the “Batch Actions” dropdown
  • Select “Set Expected Date”
  • Change the payment date to the day you will next deal with your bills – either by pushing the date out by a number of days or by selecting a specific date.

Keeping a close eye on the difference between when bills and invoices are due, compared to when they are expected, will help you avoid unexpected gaps in your short term cash flow.

Repeat these steps for the “Invoice Due” tab to make sure that your cash flow accurately reflects the reality of your expected invoices and bills.

For more information, read out help article here.

 

Up Next – Step 6: Input Your Sales Forecast >>

Float

Float is cash flow forecasting and management software for Xero, QuickBooks and FreeAgent. Start your 14 day free trial at floatapp.com/sign_up