Managing cash flow is a challenge that can make or break a small business.
It is surprising how many small businesses don't keep track of incoming and outgoing payments despite how obvious this should be.
Do you really want to wake up one morning to a big bill you have forgotten about? Or find you haven’t got enough money in the bank to pay your employees?
There is a saying that Profit is Vanity and Cash is Sanity. With this in mind, it is vitally important to keep up to date records of all incoming cash and outgoing expenses and then manage the peaks and troughs.
Never mix up personal and business expenses. It's so easy to lose track of what is what, so always keep a business credit or debit card. Then your business expenses will always be separate from your personal expenditure.
A good quality bookkeeper will keep you on track and advise on how best to forecast cash flow. It always pays to leave this bit to the experts. - so please get in touch
This was an extract from the latest YBC newsletter - July Edition - click below for more great tips on Cash flow management, employee engagement, and how to write a winning press release
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