Managing cash flow for your small business

Being on top of your small business means being in complete control of its cash flow. What goes into the cash register at the end of the day is the lifeblood of a small business and needs to be properly handled.
Losing money is only one problem when it comes to mishandling cash. Without proper controls and procedures in place, valuable information about your business is lost, too. Ideally, a good small business cash flow plan will achieve the following:

• Daily, weekly and even hourly sales reports
• Customized reports to identify the least and most profitable products or services
• Month-end sales reports to be used in determining business and occupation taxes and other local taxes and fees
• In retail environments, the point of sale system should also directly aid in creating purchase orders and invoices
• Track checks, cash, and credit card sales and reconcile with actual deposits

For small businesses, bad checks can lead to hours spent trying to recover the funds and reconcile the accounting. Banks often charge the merchant a returned check fee as well. Accepting checks without proper protections in place is a risk for your business.

Partnering with a company like CheckCare can reduce the risks involved with accepting checks. With services such as check verification and check guarantees, credit and debit card processing, and online payment systems, your business will be protected. And as a small business owner, that’s one less thing you’ll have to worry about.

Having a small business cash flow system like the one listed above will help to keep your business running smoothly.