A thoughtful cash management strategy is critical as your company becomes more complex and profitable. Keeping a close eye on your company’s short- and long-term opportunities often separates an industry’s successes and failures.
1. Plan for regular operational payments.
2. Research for available tax breaks.
3. Take advantage of discounts, special purchases, and business opportunities.
4. Create a plan to secure outside financing at the best terms.
A thoughtful cash management strategy is critical as your company becomes more complex
Document, document, document.
Important documents should be immediately discoverable with little knowledge of any “system.” To create a system that keeps your company safe.
1. Have the supporting documentation for each disbursement (purchase order, disbursement approvals, receipts, signing authority, etc.).
2. Have supporting documentation for every contract that has been signed.
3. Have a filing system that is scalable, easily understood, and consistent.
4. Use an electronic filing system that either automatically or periodically backs up your data to an independent and off-site storage location.
5. For transparency, provide access to all necessary leadership.6. Scan paper documents into your electronic system.