My confession about cash

In spite of doing all the right accounting entries and knowing how to do a cashflow forecast, like many small business owners, I still use my bank account to manage my cash.

My business model is pretty simple and I bank with one of the challenger banks that make it very easy to have savings spaces for everything; tax, VAT, buffer to cover overheads, next dividend etc.

Often it’s the simple systems that work best so let’s focus on practical solutions.