So let’s talk cash! Cash is great when we have it and not so great when we don’t. That goes for our personal life and for our business life too! Cash flow is a critical part of any business. If you have good cash flow, then that helps. Obviously if cash flow is tight and money is short then it makes it very difficult and very stressful to operate on a day to day basis.
Critical For Your Success
Cash flow is a critical aspect of your success and the only way that you can know your cash flow is to have a bookkeeping system in place that is tracking your income and tracking your expenses. At the end of the day, is the product that you’re selling making you money or is it losing you money? Do you need to decrease your costs? Do you need to increase your prices?
This is all critical information that you get from your bookkeeping system that helps to improve your cash flow. If you have poor cash flow, then you will continually be stressed and worried about how you’re going to pay the next bill. How are you going to meet payroll? As a business owner, creating that continued stress for yourself is not healthy. So what can you do to have good cash flow? To start with, you need a bookkeeping system set up, preferably with a professional bookkeeper, who knows what they are doing and taking care of it for you.
You need to have an app that can work with your QuickBooks system as well. This way it’ll give you the information that you need regarding cash flow on a daily basis. There are a couple of apps out there that we like. Fathom is one of them, and the other is Float. Both of these help you to see your cash flow. They enable you to see how long your cash is going to last and give you an insight into your cash flow position.
If part of your vision for your company is to grow your business, maybe open a second location, maybe to expand more into the area that you’re in, then cash flow is going to be a huge part of that. If you are in debt than trying to open up a second location is going to be very difficult. It always comes back to having the tools to make informed financial decisions that you need to make as a business owner.
It always comes back to having a bookkeeping system, maintained by a professional bookkeeper who knows what they are doing and can give you the tools you need to have peace of mind and cash in the bank to grow.
If you want to improve your cash flow then click HERE