Brought to you by Spark Business® from Capital One®
Even in the calmest financial climates, cash flow management for small business owners can be a daunting task that’s tricky to get right. Get it wrong, and a business that’s technically turning a profit can suddenly end up cash-poor.
The good news is you don’t need an accounting degree to accurately forecast cash flow. There are plenty of user-friendly management tools to choose from, which you can tailor to meet your specific needs. Here are some tips for picking the right option for your business.
Identify your unique needs
There’s no one-size-fits-all policy to cash flow strategy. Each business has its own natural fluctuations, which can depend on a number of variables. It’s vital that your cash flow management tool takes all those things into consideration, whether it’s allowing you to factor in slower-revenue months, to the percentage of customers who refuse to pay up or simply having the freedom to choose the frequency of your projection reports. Having your dream list of personalized options ready while shopping around for a cash flow system could save you a lot of wasted energy (and money) after the fact.
