BUSINESSES in Bradford are being urged to keep a closer eye on work in progress to improve their financial health.
Matthew Grant, Yorkshire head of accounts and business advisory at Azets, has shared five key tips for small and medium-sized enterprises to better manage work in progress (WIP) and strengthen cash flow.
The advice underscores the importance of processes such as managing project scope, minimising open jobs, and using WIP management software.
Mr Grant said: "Effective cashflow management isn’t rocket science.
"Much of it is common sense but it does mean finding the time to put processes in place, measure the metrics and hold regular reviews."
Azets, which has offices in Grammar School Street in Bradford, recommends reporting and invoicing out-of-scope work, quickly closing completed jobs, monitoring time spent per client, and regularly analysing write-offs.
Mr Grant said that incremental changes, staff training, and adopting new digital tools can all make a significant difference to a business’ cash position and growth.
