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Ñ è nfusing pr fit in the pr fit and l ss statement with cash in the bank
"It's important to pay yourself a wage rather than dipping into the business funds," Myers says. "You
also need to make a clear division between business and personal expenses."It becomes very
difficult to administer business, personal and deductible expenses when the business owner treats
the business money like a piggy bank, he adds - and that can lead to higher accounting fees.
- P r cash-fl w management
"This is one of the main problems most businesses face," Hartcher says. "If you don't project your
cash-flow requirements adequately, you can be caught short. It's all about planning ahead and being
aware of the risks you might face."Myers says that a simple cash-flow projection spreadsheet
updated weekly is usually enough to keep on track.
c Ô erst cking
"Tying too much capital up in stock is costly," Myers says. He advises strict stock management and
selective purchasing. Good record keeping and understanding your business will keep you on top of
your stock requirements, Hartcher says.