Collecting cash, managing its uses and making sure all excess is invested sensibly is crucial to your business success. Only with proper cash management can you remain solvent and financially stable to run the daily operation of your business or organization.
Because small businesses and organizations do not usually have easy access to credit and short-term loans, it’s crucial to manage your cash from all sources quickly and effectively. This includes covering payment of expenses including payroll and other purchases. Solvency depends on paying all current expenses with cash available on hand.