There are numerous of tasks that are essential to end up being included in any small business cash flow administration system.
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Some tasks are day-to-day, some are weekly and others are on a monthly basis. Defining that is responsible for the tasks and routinely checking that they are done is good management. End up being proactive in knowing what cash you will need 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 every week. 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 through credit cards. Monitor your internal handles for handling cash. Have each person reconcile your bank accounts and cash accounts to those who deposit the particular checks and cash.
3. Take a look at Profit and Loss at least monthly. Preferably prepare your P&L in house or get your accountant to do it for you, but do not wait too long. Accounting software packages 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. Calculate your quick ratio (liquid assets 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 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 is wise not to delegate or ignore.