Part of accounting and bookkeeping is managing cash flow, and inability to do so is also one of the main reasons that some businesses fail. We spoke with several community experts on the importance of managing cash flow and tips on how to do so.
Jennifer Hall, Executive Director of Bankable, advised entrepreneurs to keep updated financial records as it becomes easier to pull reports if needed. This is especially helpful around tax season.
Keith Richey, VP Financial Center Manager at Fifth Third Bank, said it’s important to manage the methods through which your business is collecting funds and paying bills.
Matthew Murphy III, President and CEO of Emboss Partners, said positive cash flow is very important when it comes to borrowing money from a bank.