This checklist outlines the essential steps for managing cash effectively within the organization. It ensures that cash inflows and outflows are properly monitored and controlled, minimizing risks and optimizing liquidity.
Analyze the current cash balances and determine available cash for operations and investments.
Estimate future cash requirements based on upcoming expenses and revenue projections for the month.
Track all incoming cash from sales, collections, and other sources to ensure timely recording and reconciliation.
Review and approve cash outflows for expenses, ensuring they align with the cash forecast and available cash balance.
Perform monthly bank reconciliations to ensure that the cash records match the bank statements, identifying any discrepancies.
Establish procedures and policies to safeguard cash assets and prevent unauthorized access or fraud.
Regularly assess and update cash management policies to adapt to changing business needs and regulatory requirements.