Maximizing Cash Flow Management in Micro Businesses: A Survey Approach
Cash flow management is a crucial aspect of running a successful micro business. To understand the effectiveness of the accounts payable NT process on cash flow management, a survey was conducted in Barangay Guadalupe Nuevo, Makati City.
The survey aimed to gather important feedback from micro business owners regarding their materials or service preferences, accounts payable process, and challenges faced in managing cash flow.
The survey included a variety of question types such as single choice, multiple choice, and open-ended questions to obtain comprehensive insights. The participants were provided with possible answers to make it easy for them to respond.
The questions revolved around the participants' familiarity with the accounts payable process, their primary purchases, review of accounts payable aging reports, factors influencing prompt invoice payments, average processing time for invoices, presence of a defined accounts payable process, cash flow issues experienced in the past year, and actions taken to manage cash flow effectively.
It also delved into the use of accounting software, difficulties faced in the accounts payable process, communication with suppliers, utilization of early payment discounts, methods for tracking due dates, improvements noticed after implementing an accounts payable process, regular reviews of the process, training in cash flow management, steps taken to maintain positive cash flow, and suggestions for improving the accounts payable process in micro businesses.
Additionally, the survey explored any difficulties faced during the COVID-19 pandemic and provided an opportunity for participants to share any further insights on the impact of the accounts payable process on cash flow management.
Analyzing the results of this survey will shed light on the best practices and pain points in cash flow management for micro businesses. It will enable us to identify areas for improvement and provide targeted recommendations to empower micro business owners in Barangay Guadalupe Nuevo, Makati City.
Survey Summary: This survey addresses the effectiveness of the accounts payable NT process on cash flow management in micro businesses. The responses from micro business owners in Barangay Guadalupe Nuevo, Makati City will guide us in optimizing cash flow management, benefiting the local community.