In my last article, “Some Bad, and Some Good, Advice on Cash Flow Management,” I told you I’d give you the details for the seven steps to implement a sound cash management program.

I mentioned that people sometimes want to move too quickly. Generally, their problem isn’t what they think it is (see my article “Keep Digging. The Problem with Your Cash Flow Isn't What You Think It Is.”)

I advise everyone to take a systematic approach.

In this article I’ll go into more detail on how to implement a solid cash management program in any company. Here are the seven steps:

1. Put your bookkeeping in order.
2. Analyze your financial reports.
3. Find and implement quick fixes.
4. Implement bigger projects. 
5. Create a cash flow forecast.
6. Use cash management tools.
7. Monitor a cash management dashboard.

Step 1: Put your bookkeeping in order. Create a solid foundation.

Most businesses without a professional controller will have significant errors in...