Monitoring Business Cash Flow: Business Self-Audit Process & Financial Business Records

Understanding your company's cash flow is essential to staying in business. To keep on top of things, consider audits. No, auditing isn't just something unpleasant that the IRS does. Many successful businesses conduct self-audits as a means of monitoring their financial status.

Auditing on a weekly basis can provide a company with the foresight to avoid potential problems that could be detrimental to a company's financial fitness. The process gives a financial administrator valuable knowledge to plan the company's payment and collection schedule. Knowing which accounts need to be paid in full and which can be paid off in stages can help stretch a diminished cash reserve.

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