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Cash it the lifeblood of business. Without sufficient cash, business withers and dies. Surprisingly, many small business owners are not informed on their true cash position, which can often lead to difficulties. Bank reconciliation is the first step to astute cash management. Reviewing and balancing the checkbook can uncover unrecorded checks, unrecorded bank fees, forgotten deposits, errors in recording deposits and checks, and may even disclose undiscovered multiple payments to vendors. It can also discover unauthorized withdrawals in a timely manner. Knowing what is actually in the account is the first step to astute cash management. However, surplus cash cannot be allowed to sit by idly when it could be earning interest. Idle cash accumulates opportunity costs. Proper management of investments is important to making cash work for the business, and turning opportunity costs into business revenues. Credit card purchases need to be recorded and tracked, and their impact on your cash position needs to be analyzed. Lines of Credit should be established to respond to fluctuations in cash requirements. Finally, a cash budget needs to be produced to predict cash requirements and identify sources of cash to fund operations. Key Benefits
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