Cash Flow Elements to Keep an Eye on During A Pandemic

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Any bookkeeping, business or tax article contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor can it be used to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

It has been reiterated again and again the importance of keeping an eye on your financials especially during a time like this where things are uncertain. Analyzing your business’ cash flow should be one of your main focus while going through this pandemic in order to implement the best decisions that could benefit you in the long run.

Here are three cash flow elements you need to keep an eye on as we go through this pandemic:

 

  • Accounts Receivables

Cash Flow Elements to Keep an Eye on During A Pandemic

Due to the current situation, some customers may be unable to pay you immediately. While this is understandable, you need to consider that your business also needs the cash inflows to keep it afloat. With this in mind, create a strategy in which you and your customers can meet halfway to clear out these receivables. One strategy to consider is you can offer them some payment plans. Also, you must regularly give them reminders about their payments.

 

  • Purchases

Cash Flow Elements to Keep an Eye on During A Pandemic

Analyze your purchases in detail. Make sure that you are focusing only on purchasing essentials to keep your business running. You should hold off any major purchases as of the moment. Keep in mind that things are still uncertain, your focus should be on keeping your business steady and afloat. Go back at it one step at a time until things become more stable again.

 

  • Fixed Costs

Cash Flow Elements to Keep an Eye on During A Pandemic

Review your current fixed costs and see what among them can be reduced or eliminated as of the moment. One fixed cost that you can try to reduce or eliminate is your rent and utility expenses. You can also try to negotiate to reduce insurance fees. The key here is to only keep those expenses that are crucial to keeping your business running.

 

If you need help with your business’ cash flow, FAS is here to assist you! You can reach us by emailing admin@fas-accountingsolutions.com or at 713-899-8035.

Cash Flow Elements to Keep an Eye on During A Pandemic

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