Manage Your Income And Spendings With Cash Flow Reporting
Staying on top of all your incoming and outgoing florins, dollars or euros can be a daunting task. Especially, if you’re trying to handle it all by yourself. If you recognize any of the cash flow challenges below, here’s where you’ll discover how we can help:
- “I can’t seem to track my monthly spendings.”
- “I don’t have time to keep track of all my outgoing invoices.”
- “I can’t keep track of the petty cash I spend daily.”
- “I cannot afford to outsource my bookkeeping and accounting.”
- “I am not in control of my project costs.”
“I can’t seem to track my monthly spendings.”
To run your business effectively and make smart business decisions, it is essential to know how much money is coming in and which bills are being paid on a monthly basis. Keeping track of your cash flow is not an easy task though. Especially if your customers aren’t always paying on time, it can be hard to keep an accurate overview.
A cash flow report follows the money that is coming through your bank accounts, cash registers, and petty cash. With monthly cash flow reporting, you can see exactly what comes in as revenue and how it is being spent.
Financials4Rent can set up your cash flow report for you. We’ll also give you the proper instructions to effortlessly reproduce it yourself on a monthly basis.
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“I don’t have time to keep track of all my outgoing invoices.”
It would be great if every customer would pay as soon as they receive your invoice. Unfortunately, it is more likely that you’ll have to follow up with some of them. If you lose track of who paid your invoices and who didn’t, your business will lose money. You will experience problems in accounting too.
Ensure you get paid. The aging accounts receivable report helps you stay on top of the status of your invoices so you can reach out to those who still owe you money and remind them of their remaining balance.
Financials4Rent can keep track of your invoices for you or prepare the reports you need to track them yourself. We can also assist you in setting up a system to track follow-up phone calls and other sent reminders about payments that are overdue.
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“I can’t keep track of the petty cash I spend daily.”
When business owners can’t keep track of their expenses, it is often because of bad petty cash management. You can prevent this by setting up a system that allows you to track your cash.
Daily or weekly cash counts are essential and must be reconciled regularly with your bookkeeping records. It can also help to purchase a petty cash lock box, which you can use for keeping receipts.
Want to improve your petty cash management? Allow Financials4Rent to set up an easy system for you and provide you with the tools you need to make your cash flow reports accurate again.
“I cannot afford to outsource my bookkeeping and accounting.”
Are you handling all of your bookkeeping and accounting in-house? When you’re running a small business with limited revenue, it can be tempting to do your bookkeeping and accounting yourself to save costs.
Outsourcing your bookkeeping will cost more than managing your accounts by yourself but it will probably save you money too. Savings could come in the form of tax deductions you’re unaware of and a professional bookkeeper can prevent costly errors that laymen may easily overlook. You can always opt for separate services or help with specific tasks only when full packages are too costly for your business at this point in time.
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“I am not in control of my project costs.”
Does your company often start projects without assigning a clear budget? It’s the easiest way to end up spending more than you intended and perhaps even can afford.
When you’re ceasing to budget effectively, it’s hard to assess whether any of your current projects are costing more than they should. Meaning you might spend your limited funds on projects that won’t produce a return on investment.
As your business grows and becomes more established, you’ll gain better insights into the amount of money you need to spend to continue operations. With this knowledge, you can set budgets large enough to make your projects successful without being excessive or wasteful.
Financials4Rent offers you assistance to prepare conscious business budgets. We can also guide you on how to do it yourself.