3 cash-flow management tips from the pros
Cash flow. Do these two words strike fear into your heart? Many small business owners share this anxiety. Here’s how the most seasoned pros manage their money:
- Check in. Where is your money going? Conduct a quarterly audit. Are there redundancies or inefficiencies you might be able to resolve? For example, are you paying for two software subscriptions when you might be able to manage with one? Or maybe you could downgrade to options with fewer bells and whistles.
- Rely on a professionals. Bookkeepers and CPAs know the ins and outs of small business finances. They can provide an objective look at your books and maybe help you save money when tax time comes around. They can also assist with ongoing monthly tasks, like financial statements and payroll, if necessary. If you’ve ever had a salty IRS bill, then you know the importance of tax planning.
- Save more. This one might seem obvious, but it’s worth mentioning. With automatic debits and online banking, it’s easier now than ever to put money aside. You probably won’t even notice or miss it. This way, during lean times you can rely on your reserves instead of getting in a cycle of debt with credit cards.
How are you doing with cash-flow management? If you have more questions than answers, it may be time for a chat. Give us a call: (310) 613-1933