Leveraging data isn't just for social media sites, sports teams, and wearable fitness devices. If your business is growing, you're probably using data to track customers, identify market opportunities, and monitor market share. But are you using data to analyze your finances?
Many small businesses aren't.
Although the data is available in your accounting software or financial system, few companies take the time to access it and study the numbers. You may think cash flow is only about how much is coming in and how much is going out. But if you dig deeper into your own business data, you can create more accurate forecasts, identify upcoming cash gaps, and help spot opportunities and threats long before they appear.
Some of the data that can help you understand your business's financial cycles and manage your cash flow include:
When you're armed with more detailed cash flow data, you can make sure you always have what you need to run your business and be able to take steps to prevent a temporary downturn on the horizon. That's the power of financial data.
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