“The income statement that my accountant gave me says that I am making a nice profit, but I never seem to be able to have enough cash.” Does this sound familiar?
First of all, if you are wondering these things, you are not alone. Here are some common issues that may affect the cash flow of a business:
- Invoices issued are delayed because the supporting information has not been processed on a timely basis.
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I read this morning in the Buffalo News that another bookkeeper became a millionaire – for a while at least – by stealing from her company. Here is a link to the article:
In the article, several issues are raised:
“Davis became the sixth person prosecuted by the Erie County District Attorney’s Office in the past 25 years to be convicted of a theft of more than $1 million.
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A key element in planning and understanding your business is measurement. Tracking stats is as important in business as it is on the playing field. Each month as a business owner, you get the Income Statement which is the scoreboard of profitability. Helping your team understand how their actions impact the score requires analysis, measurement and communication.… Read more >
Imagine this scenario. Your neighbor shows up at your front door one winter afternoon and asks if he can borrow your snowblower. You say “sure”, and proceed to ask if he knows how to use it. He responds, “I don’t think so.” Even though you find this comment a bit odd, you want to be a good neighbor so you provide a quick demo.… Read more >
Business owners can benefit from incorporating entrepreneurial strategies at any stage of the life of their business. Strategies such as conserving cash are always good strategies in the early stages of a business as well as later in its life. Thinking like an entrepreneur will promote responsible thinking. Just because resources are more abundant in a mature business, it does not mean the value of conserving cash is less important.… Read more >