Cash management has never been easier, in the past 10 years banks have incorporated the digital revolution into tracking revenue, cost of goods, expenses, deductions and profit.
Years ago everything was done with a pencil, paper and double entry bookkeeping. Cash Management today is one of the lowest hurdles to jump when building a business, retaining a stable customer base and sustainable revenue sources is the hardest thing to do, in order to have cash management problems you first have to have cash coming in.
Many 'Business Checking Accounts' offered by the big banks have built in tools and programs for handling cash flow and tracking, there is also many third party websites that consolidate many accounts for you to track your whole business.
Remember everything should be tracked in weekly, monthly, quarterly and yearly terms, if you do this all throughout the year and make all payments to vendors and taxing governments on time, you'll find tax time every April will go smooth.
There's a lot of good information in this Cash Management section of Small Business Community, I'm glad to be apart of it.
This is so true! I remember the days of specialty spiral notebooks designed with columns specifically for doing the accounting records, before computers became the norm. My, how time flies.
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