Small Business Cash Flow Management Tips

Here are some suggestions to help you manage your cash flow, especially if you’re having financial difficulties.

How important is cash flow management in the business world?

Cash flow is a powerful financial indicator that can reveal a lot. Being in good cash flow means you can pay your monthly overheads, pay your employees on time, and have enough cash on hand to meet financial obligations.

When it comes to successfully running and growing a business, knowing and understanding your cash flow is critical. You’ll struggle to keep your business afloat if you don’t know when and where your money is coming from or going.

This is particularly true in the current environment. Covid-19 is having a significant impact all over the world. Many businesses are still operating thanks to the Irish government’s great schemes to help mitigate the challenges. We’re here to help you through these difficult times.

Cash flow management tips

Make a cash flow statement and make a projection.
Use software to assist you in managing your financial flow.
Consult your vendors.
Consult your customers.
Consult your banking institution or bank.
In times of crises or extraordinary obstacles, rethink your plan.

Make use of software to assist you with cash flow statements and forecasts.

Move away from spreadsheets – try Xero

Xero is accounting software that automates heavy accounting tasks like bank reconciliation, invoice sending, and expense claim creation. This beautiful cloud-based software provides intuitive dashboards so you can keep track of your cash flow from anywhere.

Xero can save you hours of admin time and is compatible with over 800 apps, allowing you to create comprehensive reports tailored to your business.

We love Xero as Xero accountants because it allows you to manage your expenses, bank accounts, and invoices in the cloud, so you can check in on your business no matter where you are! We switched our company to Xero and highly recommend it to micro and small businesses.

How can we help?

Tax filings with Revenue
Annual Return filing with Companies Registration Office (CRO)
One Directors Tax Return
VAT returns
Free Premium subscription to online accounting software Xero
Tax applications – Corporation Tax, VAT, PAYE, RCT, VAT

Get in touch with us right away!

If you would like to receive a quotation for our Startup Offer, please get in touch with our Client Services Team. Email moh@tasconsulting.ie or call us on +353 85 1477625