Small company Cash Flow Management

There are numerous of tasks that are essential to end up being included in any small business cash flow administration system. Some tasks are day-to-day, some are weekly and others are on a monthly basis. Defining who will be responsible for the tasks and routinely examining that they are done is good management. Become 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 important 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 taken daily including payments received from credit cards. Monitor your internal handles for handling cash. Have each person 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 even 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 simple to set up to generate P&L reports.

4. Review your Balance Sheet monthly. Determine 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.

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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.