Small company Cash Flow Management

There are many of tasks that are essential to be included in any small business cash flow management system. Some tasks are day-to-day, some are weekly and others take a monthly basis. Defining that is responsible for the tasks and routinely looking at that they are done is good management. Become 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 essential to include the following tasks:

1 . Get ready and review your Cash Flow Plan every week. How much cash are you starting with, what money is due in and what cash arrives out.

2 . Reconcile your cash used daily including payments received from credit cards. Monitor your internal regulates for handling cash. Have each person reconcile your bank accounts and money accounts to those who deposit the 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.

four. Review your Balance Sheet monthly. Calculate your quick ratio (liquid resources divided by current liabilities) -should be greater than 1 and your present ratio (assets divided by liabilities) – at least 2 to 1 excellent.

5. Ensure any excess cash is earning you interest and it is 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 Administration is one area that the Business Owner is wise not to delegate or ignore
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