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Tools to Help Calculate Cash Flow

Lesson 5 from: Cashflow Basics

Dominique Broadway

Tools to Help Calculate Cash Flow

Lesson 5 from: Cashflow Basics

Dominique Broadway

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Lesson Info

5. Tools to Help Calculate Cash Flow

Lesson Info

Tools to Help Calculate Cash Flow

if you're trying to determine the best way two calculate your cash flow every single month or every single quarter, I would definitely recommend every single month. Um there's a couple ways you can do it now, some of you may still be pen and paper people and there's nothing wrong with that. But if you want to make your life a lot easier and not have to account for every single penny that comes in via pen and paper, we would definitely recommend trying out maybe putting information into an exhaust spreadsheet or using a financial software such as Quickbooks or wave apps. And I personally use Quickbooks. Um you can even use meant meant is also owned by Quickbooks but you could still technically use meant it's another free tool to be able to just link all of your bank account and start seeing where that money is coming in and where that money is going out. I personally use Quickbooks, I think it's an amazing tool and it allows me to see my profit and loss every month to see my cash flow s...

o that I am always completely clear about the money that's coming in and the money that's coming out and if I'm operating at a net profit or a net loss for the week or for the month, okay, So we want to make sure that we are tracking this ideally on a monthly basis, right? We want to know how much money is coming in, how much money is coming out, right? So that we always know are we operating in that profit? Are we operating at a net loss? Having these various technologies in place can be a true game changer. So imagine literally having all these numbers, your income, your expenses, even potentially projected revenue in the palm of your hand at all times. You know how empowering that can make you feel as a business owner, you're going to feel completely in control. Trust me, because I know I do, I'm able to quickly determine how much is how much is my business making, What are we spending based on what we spent last month, what we projected to do next month? And by putting this technology and systems in place, it's very, very easy. It's literally as simple as you selecting which system or which technology you want to use, linking your business, bank accounts or whatever bank accounts, credit cards or whatever accounts that you use to these systems. And they're going to pull that data in and tell you immediately those numbers that we're talking about, the two magic numbers, They're also going to allow you to hopefully be able to even make revenue projections so that you can make smart educated financial decisions for your business. So I know for me and for most business owners having these systems and having these technologies in place, really demystify and remove any gloom that people have over their business business finances and truly empower them as a business owners, as a business owner to make educated financial decisions for the growth and, uh, future financial trajectory of their business and personal finances.