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