In these columns you’ll discover simple procedures to get and stay profitable, build wealth, and achieve your goals.
Let’s begin.
Please look at your bank
statements on line every day. Look at all of your bank accounts – checking, savings, lines of credit, etc. This takes less than five minutes. It should be a habit – like brushing your teeth every morning.
Why?
Cash is the lifeblood of your business. You need to see what deposits were made, what checks were written, what ACH’s were sent, etc. You know what checks you signed. Makes sure you see those checks clearing…and not similar looking checks.
By looking at your bank accounts on-line every day you’ll get a sense of the cashflow of your business. If something doesn’t look right, investigate!
Here’s another reason to look:
One of my client’s bookkeeper was responsible for looking at the bank statements every day. (The owner delegated this task – not a good idea!).
One day he saw two little deposits like you normally get when setting up a new account. He assumed that the owner was setting up a new account and forgot to tell him. The next day the bank called asking whether they had authorized two $25,000 withdrawals!
Obviously not. Someone hacked the account!
If you see something strange, like these two little deposits, call the bank. Yes, they will shut down your account immediately. It’s inconvenient. However, it’s better than $50,000 being stolen from you.
Please take five minutes to look at your bank accounts on-line. Protect your hard-earned cash.
Contact Ruth by emailing ruthking@hvacchannel.tv.
