Confusing profit and cash flow might mean the difference between a thriving business and one struggling the keep the doors open. Don’t let your business fail because you make that mistake.
- Intelligent cash flow management requires a keen focus on accounts, receivable, accounts payable, capital expenditures and debt payments – it’s not about your profit and loss statement.
- A cash flow forecast that’s tied to a working budget is critical to your business, and it’s imperative that you create a formal budgeting process.
- Cash flow management is not a “do it once and you’re done”; it is continuous activity of tracking, analyzing and adjusting to ensure your company has the cash it needs to remain profitable.
- As you get a handle on your cash flow forecasting and management, consider a financial management system that allows you to assess your company’s fiscal health based on the total picture of your cash at hand, receivables, payables, working capital, expenses and other data points.
Make sure you’re informed.
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