May 3rd 2008
Control your cash flow because cash is king continue…
After your business has opened, your accountant should:
- Set up a mechanism to record your daily business transactions e.g. sales, cash receipts, purchases and all expenses.
- Open a set of books (now recorded on your computer) e.g. cash book, journals, petty cash etc. This will most likely entail the purchase and installation of a software package suitable for the recording and presenting of your financial results.
- Arrange to present your accounts to you on at least a monthly basis. You should receive a package consisting of an income and expenditure statement, a cash flow statement and a balance sheet not more than 10 days after the end of the month.
- You should insist on receiving the following information on a daily basis
