In this episode of the #ItTakesaVillage podcast, we’re talking to John Dierkhising, Co-Owner of Bottom Line Accounting in Blaine, MN, about cash flow and how to better understand the sources and uses of your business’s cash during the COVID-19 pandemic.

Here are the questions we covered:

1. What are some of the products business owners should consider to help with cash flow needs?
2. What are the sources and uses of my cash, and should I re-evaluate those?
3. Can you explain vendor terms to consider when trying to pay bills slower?
4. What about customers asking if they can delay payments?
5. What are your recommendations for Q1 distributions with the extended tax deadline?
6. Can you share more about the tax credits available for businesses doing research and development?

Here are 11 key points to take from this episode:

1. Use online banking paired with QuickBooks
2. Complete a conservative cash flow forecast
3. Evaluate your sources and uses of cash to determine where the community is telling you to double down
4. Maintain a pipeline of work to keep your receivables healthy
5. Cash is different than profit
6. Do I have enough sources of revenue to maintain my cash flow?
7. Have access to liquidity in a line of credit or loan
8. Look at your cash flow statement
9. Get paid faster to cover your costs and negotiate to pay your bills slower
10. Keep your cash as long as you can
11. Look into tax credits with your accountant if your business is doing R&D

Learn more: Cash Management Services

Get in touch with John and Bottomline Accounting Services by visiting the WEBSITE.

The #ItTakesaVillage podcast by Village Bank brings leaders with expertise in finance, accounting, entrepreneurship, leadership, and branding into our Village to help entrepreneurs in our community. As an entrepreneur’s bank, we hear all the time that you want to know more about the financial nuances of starting and running a business. These questions are profoundly important and can be incredibly stressful. That's why we're inviting prominent leaders and friends of our Village to weigh in and build a Village of answers and connections on the #ItTakesaVillage podcast.

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