That extra cash you put into more chardonnay resulted in additional cases that you’ll now have to sell at a loss. Fast-forward to 2023, and customers are far less inclined to spend money on high-priced wine. Your response? Plant a bunch more eventually.
You had a good year in 2021 because of a flattering review from an online wine expert who gushed about your latest pricey chardonnay. Imagine you are a fledgling wine producer in Oregon. If you want to keep store inventory in proper order, you might consider hiring a bookkeeper or using inventory management software.
CASHFLOW FORECASTING BURNLEY HOW TO
Now you’ve got to catch up on invoices and figure out how to slow down paying your vendors. It dawns on you that you have neglected to send invoices to some customers.Ī little more digging around reveals that you have mislaid some of your purchase orders for supplies and are behind on vendor payments. One Saturday, you realize your business bank account is now in the red. Say you run an online boutique supply company.
There are a lot of moving parts to businesses.
Don’t let this cash flow mistake bite you in the hind quarters come tax time, as it could lead to an expensive fine on top of the taxes you owe. Unfortunately, in the eyes of the IRS and state tax authorities, they won’t cut you much slack for failure to pay taxes. Maybe it’s washing windows on Main Street or on a platform over Wall Street, but you forgot to set aside money to pay your payroll taxes.
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