September 09, 2003
900+ and Counting
Today we went over 900 in total books sold. We're definitely learning how important cash flow is. To give an idea, we have over $7,000 we're expecting in (accounts receivable) during the next few weeks. Because we weren't expecting to buy so many books so quickly, finding money to buy books has been difficult.
Sheena spent about 3 hours converting everything to QuickBooks today. This will help us manage our finances better moving forward.
Posted at September 9, 2003 11:56 PM
Please keep us informed how the cashflow situation goes. Cashflow mismanagement can kill a business quicker than an accounting scandal.
Paul,
Cash flow is getting better now. I called the Credit/Collection Supervisor at Lightning Source (https://www.lightningsource.com), the printer, and was able to get a $1,000 credit and net 30-day terms, which means we don't have to pay bills until 30 days after we make the order.
