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I've been running a small business for a year now but I have trouble keeping a record of my cash flow. Are there any easy cash flow tips for beginners like me?
Answer: Hi Tara. I know, cash flow is a pain! But like Shubhda says, it's the lifeblood of your business. You can track cash flow in a simple excel sheet, or use accounting software like Xero. Xero also has a budget manager where you can forecast your income and expenses, then review against actuals. Very helpful. Good luck!
Answer: Hi Tara,
For a small business, cash is king and cash flow is top priority!
Some of the top tips for cash flow are:
1. Make a budget - It's very important for you to estimate the expected cash inflows and outflows to plan for the future
2. Track your budget every month - Your budget is not a set and forget sort of an exercise. You'll need to constantly monitor the results to see if you need to make any changes to your everyday business decisions
3. Plan for the rainy day: No matter how organised you are, unexpected things do happen. So have a contingency fund to keep you going in the time of need
4. Invoice quickly: Be very prompt with your billing because you cannot afford to be stuck with a late paying client
We've got some more tips on cash flow here: https://smallbusinessfirst.com.au/learning-hub/finance
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