Cash flow is the life blood of any business. Here is how to be in control.
What do you understand about cash flow? It sounds technical but its not really and its very important in your business planning. Adequate cash ensures that the business can meet all its legal obligations. Many small firms go out of business because of poor financial planning and cash flow management.
You often hear people say “you can buy this because its tax deductible”. It almost sounds like you are receiving the goods for free. That is not the case.
You need to firstly as the following questions: Can I afford this and if so do I really need it? After all you still have to pay for the goods as they are not free. This is where you need to have a budget in place.
If you are having problems with your cash flow there are a number of areas that need investigating. How budgeting helps
Budgets and cash flows work hand in hand as you need your budget to plan your cash flow. You need to project your income and work out a 12 month plan on how much income you anticipate receiving on a monthly basis. This is not about getting it absolutely right Cheap Air Max 180 , but about identifying problems you might run into. By reviewing your budgets and comparing them to actual performance regularly, you can minimise cash flow problems. Finding cash
If you do come across a tight spot, take action. Here is what you can do.
Check your debtors. People often forget to chase their debtors and wonder why they have no money in the bank account. Perhaps you need to be more stringent in your credit and payment terms Cheap Air Max 120 , requiring customers to pay cash for their purchases or offering discounts on early payment.
If you are having troubles you can look at taking out a short term loan, there are various forms of loans on offer and you can discuss this with your financial institution.
Managing your payables is another strategy. Paying your bills without incurring penalties at the last possible minute. Don’t pay early just to get a discount unless you have the cash. Otherwise discuss with your suppliers about making payment plans. It is better to talk with them and arrange something rather than ignore them. That way you can still have a relationship with them and be able to use them again in the future. Otherwise you can end up with a bad credit rating.
You may find that you have some spare cash then you can look at investing this on a short term basis so that you can earn extra interest income.
Accurate and up-to-date books are the basis for knowing where you are at. At Jet Bookkeeping we work with Saasu an online cloud computing system that shows you where you are at any point and assists you with your cash flow forecasting.
Written by Monique Bock – Jet Bookkeeping Australia. To acquire more information concerning bookkeeping or bookkeeping services please visit!
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