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Learn How To Improve Cash Flow Management

Learn How To Improve Cash Flow Management

Tax time is usually the time when most small business owners think about their bookkeeping system. All year they have been collecting receipts in a drawer and it isn't until about a month before the tax accountant calls that they think. If you want to look for financial partner then, you can search for '501c3 organizations near me' over the internet browser.

This is also the time of year when I'm asked to help someone set up a system for the bookkeeping and help them organize their work because they don't want to "go through this again next year".

Many times a small business owner will ask me, what accounting software should I use? I can answer easily that my preferred accounting software is Xero Accounting. However, that doesn't answer the real question at hand. The business owner is struggling with something more than what software will fix.

They are struggling with a drawer full of receipts and an idea of how much money that they're pretty sure they make each month. They might even say "I used to know exactly what I had in the bank at any given time, but lately I'm not sure. Last week I even bounced a check and I've never done that before."

So the problem really is that they have a system it's just that it's no longer serving them well. They have out grown the way they were doing things. Putting receipts in the draw and keeping a tally in their head. This is a system for sure, it's just that now the business is starting to pick up and it's just not as easy to keep track of all the details anymore. Things are beginning to fall through the cracks. Cash flow is starting to become a little cloudy.

When we first start out it is easy to keep up with everything, because we aren't yet busy enough with paying clients and we haven't been spending very much, so there just isn't a whole lot to keep track of. It's easy to stay up to date on our bookkeeping and keep a running tally in our heads.