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Cash Flow checklist

Income

Identify all sources of income (e.g., project contracts, change orders, progress payments, grants).

Review the payment terms and conditions specified in each contract.

Create a detailed schedule of income expectations for each project.

Track and monitor the billing and collection process for each project.

Regularly follow up with clients to ensure timely payment.

Expenses

Compile a list of all anticipated expenses for ongoing and upcoming projects.

Categorize expenses into direct costs (e.g., labor, materials, subcontractors) and indirect costs (e.g., overheads, administrative expenses).

Evaluate the payment terms and conditions for each expense item.

Review and negotiate terms with suppliers and subcontractors to optimize cash flow.

Monitor and control expenses to ensure they align with the project budget.

Accounts Receivable

Keep track of all outstanding invoices and their due dates.

Implement a system for sending timely reminders and follow-ups for overdue payments.

Consider offering incentives for early payment to improve cash flow.

Evaluate the creditworthiness of clients before extending credit terms.

Establish a clear and efficient process for resolving payment disputes.

Accounts Payable

Maintain an updated list of all outstanding bills and their due dates.

Prioritize payments based on vendor terms, importance, and available cash flow.

Negotiate favorable payment terms with suppliers and vendors.

Establish strong relationships with key suppliers to negotiate discounts or extended payment terms.

Regularly review and reconcile accounts payable records.

Cash Flow Forecasting

Develop a cash flow forecast based on projected income and expenses.

Review and update the forecast regularly to reflect any changes in project timelines or costs.

Monitor and analyze actual cash flow against the forecast to identify discrepancies.

Utilize cash flow forecasting tools or software to streamline the process.

Adjust future projections based on past performance and emerging trends.

Financing Options

Explore different financing options (e.g., lines of credit, loans) to bridge cash flow gaps.

Maintain good relationships with financial institutions to facilitate access to credit.

Evaluate the cost and terms of financing options to ensure they align with the organization's cash flow needs.

Develop contingency plans for emergency funding requirements.

Regularly review and reassess the organization's financial position to identify opportunities for improved cash flow management.

Note: The checklist can be customized further based on the specific needs and requirements of the construction organization.

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