Yes – that’s the short answer! But the long answer will tell you that there’s nuance to the process, depending on what you already do and how efficient Track Your Business that really is. And that’s the kind of thing we need to dig into here.
If you’re a business owner constantly worried about your company’s cash flow, and whether or not you’re really in the green for this month, here’s what to double check about the way you currently manage your ins and outs.
If you’re still doing it by pen and paper, it’s time to let tech take charge for you!
How Often Do You Check on Your Cash Flow?
Every business will have a different timeline for this. But 9 times out of 10, those businesses will be checking on a regular basis. Once a month, once a week, bimonthly, or even biweekly, these teams are analyzing cash flow and making sure everything adds up.
Are you doing the same kind of thing? Cash flow isn’t something to check as a one off every now and then. You need ongoing insight into it, to make sure you’re never spending beyond your means.
As such, this is the first thing to do. Don’t put it off, and don’t let yourself think there are more important things to do instead. Get into a cash flow schedule ASAP, so you can check in on your books at regular intervals.
Get a Bank Account That Provides All the Details You Need
They exist, and they could be crucial to improving your business’ cash flow tracking.
So if you’re not already using a sole trader business bank account – or a startup account that provides the same kind of benefits of Track Your Business – now’s the time to swap over and see how it changes your management.
After all, if you can get instant responses for anything being paid in, and everything you send out is kept neatly on a separate tab, all the necessary details can be quickly scanned in one place.
Hire Someone to Oversee Your Cash Flow
If you struggle to find the time to check in on your cash flow, don’t let yourself keep struggling. When you decide you’ll get round to it at some point, or because there’s still money in the bank things can’t be too bad, you need a fresh pair of eyes on the subject.
So, get someone else to oversee it instead. An accountant is a pretty effective hire here, but you can also hire a financial manager or qualified bookkeeper for the job as well.
Either way, when there’s a dedicated role for managing your cash flow, both the actual tracking and forecasting you need to do become ten times easier.
Skilled personnel can prepare reports for you to read when you get the chance, but whether or not you do, your income and expenses are being accounted for properly.
If cash flow is a touchy issue in your business, make it easier with tips like these.
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