Professional Accounting Blog

    Accounting For Your Prosperity

    Luda Arkhipov

    Luda is a Senior Manager in Meaden & Moore’s Assurance Services Group with over twelve years of experience. She provides public accounting services to a wide variety of clients in various industries, including construction, biotech, manufacturing and distribution. Luda’s responsibilities include planning of engagements, preparing financial statements, working with clients and the accounting staff to find solutions to problem areas, and developing ideas for growth. Luda also conducts audits of 401(k) plans, pension, ESOP plans, and health and welfare plans.

    Recent Posts

    Cash Management Best Practices

    Posted by Luda Arkhipov on Apr 10, 2014 12:51:00 PM

    Topics: Small Business, Accounting & Auditing

    What is the most important asset on the balance sheet in terms of running day-to-day operations?  That’s right, it is cash.  Cash is the heart of every business, and every company needs cash to pay suppliers, employees, contractors, purchase equipment, etc. What are some of the best practices in cash management? 

    Monthly Budgeting is Key

    The first and probably the most important step you can take to help you control and manage cash is to develop and review budgets on a periodic basis throughout the year.  How would you like to realize one month that you don’t have enough cash available to pay your employees because you did not budget your monthly cash receipts and expenses, and you purchased an expensive piece of equipment in the beginning of the month? Monthly budgeting allows you to control and predict cash ins and outs and see how much cash you will have at the end of each period.

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