Sage Timberline Office News & Tips
Weathering the Tough Economy with Sage Timberline Office
We all know 2008 was a bad year for Construction and Real Estate and 2009 looks just as challenging. Will government stimulus programs help? Probably, but your business has to get through the tough months ahead before the stimulus effects will kick in. In order to insure your company’s long-term survival and success, you need to build a solid infrastructure, increase efficiency and have contingency plans in place.
In this issue, we’ll look at the importance of maintaining a strong cash reserve and keeping watch and control over cash flow.
Cash is King
How do you know if you have enough cash? Experts typically recommend having at least enough cash to fund your business through one year. Of course, the bigger your cash reserve, the longer you can survive - especially if the downturn persists.
Since this economic contraction has already gone deeper than predicted, it is more important than ever to watch, understand and plan your cash flow. You should review a daily, or at a minimum, weekly cash flow report and check it carefully before approving any expenses.
Cash flow should be your top priority and you need to preserve as much of your cash as you can. Do a thorough review of your operational and financial information to find ways to cut unnecessary expenses and maximize efficiency. The longer you wait to cut costs, the more cash you will burn. Most importantly, don’t overextend.
Build, watch, and protect your cash reserves to ensure survival.
Opportunities with Sage Timberline Office
It’s not easy watching how every penny is spent - and it’s tempting to reinvest cash as soon as you get it. Make sure you have accurate and reliable financial information with these Sage Timberline Office tools and stay informed about the health of your business:
Cash Management - Enjoy the power to view and track all your cash transactions and reconcile them with your company’s bank statements and general ledger.
Job Cost - Utilize this valuable resource to collect all project-related information so you can view potential cost overruns, percent complete and production units in place any time you need to.
Reporting Analysis - Put key financial and operations information at your fingertips with executive management tools including the executive dashboard, financial review, job cost analysis and report drill-down.
We are here to help. Please give Integrated Computer Systems Support a call at 425-284-5425 if you need any assistance implementing these cash flow strategies in your business.
