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One of the biggest factors that can take down a construction company is cash flow. Consequently, the topic of cash flow management and planning is crucial to success in this industry, even for companies that are turning a substantial profit.
It is a lack of money, not a lack of work, that often causes a construction company to crumble, and a number of factors can cause cash flow problems. These include:
As it sounds, cash flow management tracks the movement of cash through the production process and accounts receivable, back to expendable funds. The greater the predictability of this process, the greater leverage a company has with working capital.
Although there may be some degree of inaccuracy in the management of cash flow, contractors who do not attempt to create a cash flow plan do themselves a great disservice. It has been found that a few simple strategies can be integrated into normal operations to improve financial well-being. The Edmonton bookkeeping firm Truebooks offers expert assistance in this complex area of construction management.
Cash flow is a process over which you want as much control as possible. Companies with solid cash flow planning are those that will still be going strong years down the road.
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