Home >

On The Perfect Cash Flow Management System

2008/10/18 13:53:00 41872

Under the influence of the global economic crisis, many enterprises are facing tremendous pressure.

Some seemingly healthy enterprises even face the threat of bankruptcy.

Many facts in history have proved that the key to the rise and fall of enterprises is not the financial strength but the cash flow of enterprises.

Therefore, the importance of cash flow is getting more and more attention from fund managers.

Cash flow management should match the life cycle of an enterprise.

The life cycle of an enterprise refers to the process of the birth, growth, growth, decline and death of an enterprise.

In the different stages of development, cash flow often presents different characteristics.

Therefore, in the process of cash flow management, enterprises should not be treated equally, but should be differentiated according to the operational characteristics of each period.

　　在初創(chuàng)時(shí)期，企業(yè)的現(xiàn)金凈流量通常表現(xiàn)為負(fù)值，即現(xiàn)金流出大于現(xiàn)金流入。這一時(shí)期企業(yè)現(xiàn)金流管理的核心就是要盡量維持企業(yè)的不發(fā)生資金短缺，有足夠的資金能夠支持企業(yè)的創(chuàng)建。

　　在成長(zhǎng)期，隨著企業(yè)不斷擴(kuò)張與發(fā)展，企業(yè)的現(xiàn)金流量會(huì)迅速增加，資金的壓力雖然沒(méi)有前期來(lái)的那么大，但是隨著企業(yè)擴(kuò)張速度的加快，企業(yè)仍會(huì)有大量的營(yíng)運(yùn)資金被占用。在這個(gè)過(guò)程中，企業(yè)要處理好的主要問(wèn)題就是企業(yè)擴(kuò)張規(guī)模與現(xiàn)金流增長(zhǎng)之間的矛盾。

　　在成熟期階段，企業(yè)的發(fā)展已經(jīng)相當(dāng)穩(wěn)健，市場(chǎng)地位雄厚，市場(chǎng)份額穩(wěn)定，現(xiàn)金流出和流入量基本穩(wěn)定。這個(gè)時(shí)候就需要企業(yè)盡量的將成熟期進(jìn)行延長(zhǎng)，充分利用財(cái)務(wù)杠桿提高企業(yè)收益。

　　在衰退期階段，企業(yè)經(jīng)營(yíng)業(yè)務(wù)開(kāi)始退縮，現(xiàn)金流入不足，由于滯后效應(yīng)，相對(duì)現(xiàn)金流出量較大，在此階段企業(yè)現(xiàn)金流量循環(huán)可能會(huì)出現(xiàn)斷流，導(dǎo)致供血不足而破產(chǎn)。在此階段，企業(yè)應(yīng)當(dāng)注重新業(yè)務(wù)的開(kāi)發(fā)，或是將資產(chǎn)變現(xiàn)以支持企業(yè)的正常生存。

加強(qiáng)企業(yè)現(xiàn)金流的管理

In the process of cash flow management, the first thing that enterprises should do is to plan the cash flow of enterprises.

Enterprise cash flow planning is an overall and long-term strategic plan for enterprises according to the internal and external environmental factors and their changing trend. It is a comprehensive strategic project, which has guiding and directional significance for all cash movements and even the utilization of all resources.

Enterprise strategy has a long-term and fundamental role in the overall situation of enterprises. Therefore, it is necessary to objectively carry out environmental impact analysis and enterprise strategy analysis to ensure that cash flows are coordinated with environmental changes.

Only in this way can we ensure that the cash flow management of enterprises can not deviate from the general direction and general goal stipulated by the enterprise strategy, so as to greatly enhance the effect of strategic cash flow management.

In addition, we need to establish a sound cash flow budget management system.

The operation of enterprises' capital is embodied in fund-raising, utilization and distribution, and cash inflow and outflow are its comprehensive manifestations.

In the course of the actual operation of enterprises, strategic planning must be pformed into the general budget of enterprises, and the strategy of enterprises should be materialized through the budget of cash flow.

The cash flow budget includes the general budget and the daily budget. The cash flow general budget focuses on planning and controlling the macro operation activities and investment and financing arrangements of enterprises, ensuring the realization of the strategic objectives of enterprises. The daily cash flow budget manages the cash arrangements of daily business activities to ensure the continuous, healthy and orderly turnover of cash flow, so as to ensure the normal operation of business activities.

Secondly, we should optimize the management process of cash flow.

We should do well in the procedures of cash circulation and the arrangement of key points in internal control, the design of cash internal control system, the arrangement of enterprise credit policies and the recovery of accounts receivable, the withdrawal of sales proceeds and the arrangement of their processes.

The internal control procedures and procedures for the organization, post, authorization and handling of cash receipts and payments involving cash flow are regulated through the system.

Every internal control link should have clear responsibilities and performance appraisal.

In addition, we must seize the key factors that affect cash flow.

One of the purposes of cash flow management is to improve the efficiency of cash utilization, that is, cash flow management. As stated previously, the cash flow rate can be measured by the cash conversion cycle. Effective cash flow management is to minimize the cash pfer cycle on the premise of satisfying the operation of the enterprise.

The ways to shorten the cash flow are as follows:

(1) shortening the turnover period of inventory;

(2) shorten the turnover period of accounts receivable;

(3) to extend the turnover period of accounts payable.

Fourth, we must establish a cash flow risk analysis and early warning system that is in line with the characteristics of enterprises, and master the methods and skills of cash flow crisis management.

The risk of cash flow is the risk of inflow of cash flow. Because the environment of enterprises is becoming more and more complex, the speed of technological updating is faster and faster, and the life cycle of products is becoming shorter and shorter. Inevitably, enterprises will encounter risks such as market mutation and policy adjustment. Through the cash flow risk early warning system, a quick response mechanism of risk and crisis management can be established to maintain good relationship between banks and enterprises and loyal customer resources.

Once there is temporary difficulty in cash flow, it can also be resolved sooner.