There are numerous of tasks that are essential to become included in any small business cash flow management system. Some tasks are every day, some are weekly and others take a monthly basis. Defining who is responsible for the tasks and routinely checking out that they are done is good management. Be proactive in knowing what cash you will require in the future.
To manage the cashflow of a business, within the day to day operation, it is essential to include the following tasks:
1 . Prepare and review your Cash Flow Plan weekly. How much cash are you starting with, what cash is due in and what cash is due out.
2 . Reconcile your cash used daily including payments received through credit cards. Monitor your internal controls for handling cash. Have different people reconcile your bank accounts and money accounts to those who deposit the particular checks and cash.
3. Take a look at Profit and Loss at least month-to-month. Preferably prepare your P&L in house or get your accountant to do it for you, yet do not wait too long. Accounting software programs such as Quickbooks and MYOB are usually suitable for a range of small businesses and are easy to set up to generate P&L reports.
4. Review your Balance Sheet monthly. Estimate your quick ratio (liquid possessions divided by current liabilities) -should be greater than 1 and your present ratio (assets divided by liabilities) – at least 2 to 1 is good.
5. Ensure any excess cash is earning you interest and is also easy to access.
6. See your bank for any line of credit before you need it
A Small Business owner may wear many hats across his/her business, however Cash Flow Administration is one area that the Business Owner pays not to delegate or ignore
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