Liquidity management involves the management of day-to-day cash deficits and surpluses. A company’s cashflow is never stable from one day to another, one week to another or one month to another. Payrolls and suppliers may be paid at the end of the month, but payments from customers not received until the beginning of the following month. Capital expenditure programmes, taxation and dividend payments often result in lumpy expenditure patterns, and the cash outflows that they represent are offset fully or partly by the regular cash inflows from the company’s underlying business. Some companies have a seasonal business, with cashflows from the business being stronger at certain periods of the year.
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- Liquidity Management
- Palgrave Macmillan UK
- Chapter 16
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