We understand that managing your cashflow is one of the most challenging parts of being in business. Knowing what money is likely to come into your bank account and when, and what bills you must pay and by when, can be a real headache.
Most business owners do this by feel and gut instinct – you know your business better than anyone and you know it’s peaks and troughs. But feel and gut instinct can only get you so far. Especially if you are a growing business.
Without a doubt, doing a cashflow budget and reviewing it regularly is a sure-fire way to keep track of your cashflow and plan for the future but we wanted to show you how you can use the tools you already have in MYOB so you are armed with better information day in day out.
One of these is the To Do List in MYOB. We use it in our business to quickly see what supplier bills are due and when.
Here’s a report from MYOB’s sample file:
The trick is making sure your terms of trade (payment due dates) are setup correctly in your supplier cards. That will make sure the due date on the To Do List is always spot on.
To check your supplier terms of trade, click on Card File and Cards list. Choose the supplier tab and then click into one of your suppliers. Here’s an example from MYOB’s sample file:
You can even do the same report with your customer invoices. Not only will it help you to see what money you should receive and when, it will help you to focus on any overdue invoices that might need chasing up.
The To Do List reports can also be found in your Reports Menu so it can be printed and emailed, which we think is handy if you use a bookkeeper – they can send you a report on a weekly or monthly basis so you always know what’s due, how much and when.
Would you like to see more tips and tricks in future newsletters? If so, please send an email to [email protected]tants.com.au with a brief description of what you would like more help with.
Alternatively, please don’t hesitate to contact one of our team and they will gladly help you out.