Business management question: What's the best way to manage cash

[Matt Honeyford]

So... I may have just made a mistake that cost me some cash. And, it's not that I lost the cash, it's that I didn't account for it properly. During a flip I had made my guys a couple checks, those checks I had thought were cashed. They weren't. So when I went to settle up and pay everything and everyone off - I forgot that I had two check still floating out there not cashed.  

It's been a challenging 6 months. However, I'm finally to a stage were we have enough rental income, leases, maintenance and CapEx to track that it's beginning to get a little messy. And when I say by a little - I mean a lot. But, I feel that it's not to late. We are currently in one project, which is wrapping up and we'll be moving into another. In 2019, my business goal is to complete 12 flips and add 5 more units. My fear is that if I don't have a system now in place for managing cash flow eventually I will make a much bigger mistake.

So, to my question: What's the best way to manage a real estate business that flips 12 houses a year, currently has five units and a real estate agent that sells commercial real estate in Rochester, NY? 

Open to brutal honest feedback.  

[Account Closed]

Matt, consider outsourcing to a bookkeeper for the few hours a month it would take. You will get to focus on your core business and a professional can help you keep your books and from making another mistake. 

Good luck!! And great goals for the year.