Accounting knowledge

You Need to Master your cashflow :

Cash flow issues are the number one reason for small business closure excluding :
-bad ideas.
- ineffective marketing.

Most businesses that fail can't make it because there isn't enough money coming in to cover what's going out. So what can you do?

Start by reviewing expenses.
- What's necessary? What could go if it had to? What should be eliminated immediately.

Then look at your invoice terms
- How quickly are you expecting to get paid? How long do you wait to follow-up when payments are late?

Next, track it. Pull out your calendar and accounting system and look at the timing of inflows vs outflows. Determine whether any deadlines need to be updated, and look at trends to see when to expect recurring revenue.

Got upcoming new contracts or clients? Review when you will receive funds and take note of whether the project(s) will require additional expenses, like contractors or software costs.

Finally, stay on top of it. Look at your bank account (and accounting system of course) on a weekly basis to match cash on hand to upcoming amounts that you will receive or pay.
At the end of the day, you want to avoid any surprises of the insufficient fund variety. Setting these habits up in advance help keep you out of the hole down the line.

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