To kick off our Brief Insights video series, we sit down with Doeren Mayhew Shareholder Jennifer Mailhes, as she discusses different cash-flow management strategies business owners can leverage in times of uncertainty. Given the ongoing COVID-19 pandemic, learning how to manage cash flow is crucial for companies across the country. Be sure to watch our video to learn more about current cash-flow management concerns, the importance of cash-flow management during the COVID-19 pandemic and ideas for managing cash-flow moving forward.
When it comes to cash-flow management in this COVID-19 era, there are a few immediate concerns. The first would be the collections process and businesses quickly using up Paycheck Protection Program (PPP) money, leaving them in a worse spot than before they got funding. Another is the rapid switch to online payments and the need for virtual accounting departments, even for businesses deemed essential.
It is crucial for businesses to manage cash flow in the current climate. When businesses slowed down due to the spread of COVID-19, cash flow wasn’t affected immediately, as the continued collection of old receivables masked any issues. However, it is possible that this blind cash-flow confidence can delay many businesses from making important decisions such as letting go of employees and managing inventory properly, waiting until it was nearly too late.
If you’re experiencing problems managing cash flow, there are a few proactive steps you can take now. Be sure to watch our video to get an inside look at the following strategies:
If you’re in need of assistance with managing cash flow, contact us today.
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