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Managed Accounting Services

Track cash flow

Track cash flow

Actual cash flow management is a vital part of business achievement. Essentially, it is about confirming there is enough cash to meet all the expenses that require to be paid.

To assistance businesses get on a stable cash flow footing, the Commonwealth Bank’s Local Business Banking team – many of who have first-hand experience of working in, or running, small businesses – has identified some top tips to keep cash flowing through the business:

1. Track cash flow carefully
This is a clear – but often overlooked – necessity. Making a sale is not the end of the cash flow cycle. It is significant to know when the cash from a sale will be received. In addition, knowing when you have to pay for goods and services is important in balancing cash flow.

2. Source the right funding
There are numerous types of funding available to assistance maintain the flow of cash through a business, including business loans, asset finance and receivables finance, credit cards and overdraft facilities. Choosing the right source of funding for each purpose is critical and a business banker will be intelligent to assistance business owners choose the right option to fulfill their requirements. Remember, avoid using cash generated from sales to purchase business assets as eventually this will drain the fuel that keeps the business running.

3. Organize for seasonal variations
Cash flows can fluctuate throughout the year so it’s significant to prepare for any financial shortfalls during slow business periods.

4. Pay on time to negotiate discounts
Processing invoices and collecting debts is exclusive and time consuming for all businesses. Help reduce cash shortfalls through negotiating a discount for quick payment with key suppliers. If business owners can guarantee on-the-day payment through direct debt, they must be able to get a five percent discount.

5. Modernize the supply chain
Don’t buy the same thing from multiple suppliers – it is ineffective and time consuming and also limits the power of negotiation. Using just a few key suppliers will maximize bargaining power and simplify purchasing.
Forget profits and turnover: cash flow is the lifeblood of any business. It's significant to keep in the black. Learning this early on will put you and your business venture in good standing for the future and make you develop good habits. This guide will show you how to keep on top of your cash flow.

What you need to do

Recognize the source of your incomings; regulate the destination of your outgoings; then work out accurately how much you get in - and how much goes out.
A cash flow projection is usually divided into short periods of weeks or months, and is usually done for a year or a quarter in advance.
You require forecasting convincingly: if you manage your business to a clear business plan and use a budget with a realizable break-even point to track your actual business performance against your plans. This way, you'll see any issues which are likely to arise early.
Make sure you make regular cash flow projections so you can make any financial arrangements for known expenses before you require the money: you may consider using accounting software to support you with this.
What to include in your cash flow forecast

  • Opening and closing bank balances
  • Payments
  • Receipts

 

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