- Are you calling your bank every day to get the checking account balance in your business account – and then writing checks based on this balance?
- Are you constantly bouncing your checking account and incurring massive overdraft fees?
Here’s the reality. When you aren’t keeping track of your checking account balance, then you could be throwing money away. Even more importantly, you may never know if you’re actually making money in your business.
How can NOT balancing a checkbook cause so many problems in business?
Take a step back and look at the realities that face new companies: many of them don’t survive two years and fewer than 50% survive more than four years. Know why? Small businesses literally run out of the money they need to survive – and overdraft fees can be a major source of lost profits for a company, especially if your company has a large payroll. Banks can charge exorbitant fees for bounced checks and these fees take money directly off the bottom line.
All this trouble is caused by not balancing a checkbook?
Personally, I have seen businesses with non-sufficient funds (NSF) fees that have run into literally thousands of dollars each month with no solution in sight. That’s why I have written a detailed article on balancing a checkbook to help you get a handle on this cash flow management problem. In the article, I actually balance a fictitious account complete with step by step instructions and diagrams that will help you to slay this profit-sucking dragon.
Have any more questions about cash flow management?
I encourage to you review the article and hope that you will find it helpful. Along the way, if you have any suggestions on how I can help shed more light on the complicated topic of cash flow management, please email me at gageprice@mpstarfinancial.com. I want to help you!