There are a variety of tasks that are essential to end up being included in any small business cash flow administration system. Some tasks are everyday, some are weekly and others are on 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 important to include the following tasks:
1 . Prepare and review your Cash Flow Plan every week. How much cash are you starting with, what cash is due in and what cash arrives out.
2 . Reconcile your cash used daily including payments received through credit cards. Monitor your internal controls 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 even get your accountant to do it for you, yet 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.
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Review your Balance Sheet monthly. Estimate 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 excellent.
5. Ensure any excess money 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 proprietor 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.