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As any business owner will tell you, cash makes everything tick. However, many business owners can find themselves in tricky situations if they don’t properly manage their business’ cash flow.
The benefits that come from maintaining a positive cash flow are endless. From ensuring you have a sustainable safety net, improved relationship with vendors and suppliers and general piece-of-mind, your cash flow will affect every aspect of your business.
Never run out of cash
Rule number one, never put yourself in a position where you are at risk of running out of cash. In business, running out of cash basically means the end is near.
Remember, cash is king. So make a commitment to yourself and your staff, to never put the business in a position where the cash could run dry.
Use technology
If you are unable to accurately manage your cash flow on your own, make sure you either hire someone to do it for you or investigate how accounting software can help.
There is no need to go it alone or track your cash flow the old fashioned way of using a pen and paper. Utilising accounting software, such as CashManager by Accomplish, allows you to accurately manage every aspect of your business accounts. From the day-to-day tracking of your cash to projecting future cash requirements, CashManager will become your best friend as you strive to maintain a positive financial position.
What is your balance?
What position is your cash resources in right now? Do you know?
It’s absolutely vital you have a good understanding of your business' cash flow at all times. No matter how long you have been in business or the financial position you are in, not having a solid grasp on your cash flow is setting yourself up for failure.
If you don’t understand this, how can you expect to make critical decisions about the future of your business?
Don’t use your bank balance
Your business’ bank balance and cash flow statements are two completely different things, thus they shouldn’t be confused. It is only rarely the two will ever align, so take this into account as you track your financial sustainability.
Don’t forget to project ahead
Cash flow projections are vital to making smart and profitable business decisions. Where do you expect to be in six-months time? How about in 12-months time?
Being able to forecast where you expect to be in the future or where you want to be, will go a long way to determining how you run your business today.
If you are looking to upgrade your processes or systems but don’t have the cash in hand currently, see if you can plan to purchase it in the future. Use tools such as Accomplish by CashManager to help build a plan that will allow you to upgrade in the future.
Focus on the important things
The main reason why you should actively manage and stay on top of your business’ cash flow, is so you are able to concentrate on the core aspect of your business - your customers, products or services.
Once you have the piece of mind that your business’ cash flow is solid, you’ll be able to make smarter business decisions that’ll set your business up for success both today and in the future.
Cash is the lifeblood of your business and it is vital you actively manage it to ensure your business remains viable.
As your business grows and your time becomes more valuable, you may need to look at alternative options for ways of managing your business’ cash flow and accounts in general.
CashManager by Accomplish is a highly accurate and user-friendly accounting software that will allow you to focus on your business. Whether you need a complete accounting service, cash flow management or customer invoicing, CashManager by Accomplish can accurately manage anything you throw at it.
To download a free demo or to get in touch, click here.