Cash flow management is an ongoing challenge for many entrepreneurs and business owners. It is crucial to keep a close eye on accounts payable and accounts receivable to ensure there are no financial gaps in receiving payments and using those incoming funds to pay important expenses.
Below is an infographic from Citizens Bank that outlines what to pay special attention to when analyzing accounts payable and receivable. You can even use specific accounting software to help track payment dates and financial projections. Then, you can truly understand if you’ll need additional funds to assist you with your business goals, whether it’s a small business loan or line of credit to help with equipment or everyday needs. Is there a strategy that works well for you? Let us know in the comments.
Consider small business loans from Citizens Bank.