Set up a spreadsheet to monitor your payables, receivables, and expenses.
Avoid bad debts by monitoring closely how long you are waiting to get paid. Start sending reminders immediately once the account is past due.
If your accounts payable terms don’t match up with your accounts receivable terms, your credit terms are out of sync. They should match closely.
Lack of profits can, and if left go too long, will kill your business. Make sure you have taken into consideration all aspects of running a business when deciding what to charge your customers.
In our opinion a cash-flow forecast is essential for new businesses. This is something your Weber Accounting and Tax Service can help you with. By creating a cash flow forecast, you will be able to easy determine if there are months when you can expect a cash deficit or surplus. It will also give you insight into how much cash your business is going to need to sustain itself over the next year. Furthermore, comparing your forecast to actual figures will be invaluable to your future success.