Following is a recap of the #smbiz Twitter chat on small business finances with expert panelists @yourowncfo @qbguy:

@smbiz Q1 How much time should a small business spend focused on finance bookkeeping? #smbiz

@stephaniethum Q1 Perhaps the answer depends on the size of the #smbiz. I am small but I do something in that realm every day to keep up.

@yourowncfo Time spent will vary based on transaction volume #smbiz

@yourowncfo There is a difference between bookkeeping and fin’l management! #smbiz

@BizCoachDeb Q1 prob 40 hours, between moving stuff over, customizing forms. once done though, easy to use. #smbiz

@qbguy @SternalPR Q1 Small biz owner should have skilled in-house or outsourced bookkeeper to provide accurate financial statements #smbiz

@qbguy @smbiz Q1 Outsource payroll unless you have a payroll expert on staff #smbiz

@smbiz Q2 What are some hidden tips to squeezing every ounce of profit out of your business? #smbiz

@stephaniethum Q2 Minimize travel expenses. Use teleconferencing in lieu of IRL when appropriate. #smbiz

@stephaniethum Q2 My FIL ran a restaurant 4 30 yrs. Bought some supplies at auction. #smbiz

@merylevans Q2 Set up a process, find repeatable tasks and turn them into macros or templates, keep docs for re-use (in quoting, etc.) #smbiz

@qbguy @smbiz Q2 Say no to automatic price increases from vendors each year #smbiz

@BizCoachDeb outsource what is not a core competency skill, JV, offer webinars for training clients #smbiz

@smbiz Q3 What are some great policies/tips for collections and accounts receivable? #smbiz

@qbguy @smbiz Q3 Build a very, very solid A/R system to track each dollar owed. QuickBooks does this well #smbiz

@yourowncfo Q3 Bill ASAP and make sure you have a direct contact #smbiz

@qbguy @smbiz Q3 Don’t send out statements – waste of time - http://bit.ly/141KZT #smbiz

@yourowncfo Q3 Make sure you get weekly A/R reports so nothing gets behind #smbiz

@qbguy Q3 In most cases, finance charges are a waste too. Who pays them compared to admin time on them? #smbiz

@stephaniethum Q3 Looking forward to these tips. Always a little touchy! #smbiz

@merylevans Q3 Offer discounts for early payments, penalties for late ones, offer more payment options. If gets bad, try selling accounts recv. #smbiz

@qbguy Q3 Watch Days Sales Outstanding (DSO) - http://www.investopedia.com… #smbiz

@dslatter Q3 ask your clients for very clear instructions on how/when/where to send in your invoices #smbiz

@BizCoachDeb Q3-have contracts, bill immediately, use Renton’s collection stickers for soft collections, have a collect.law firm just in case #smbiz

@smbiz Q4 What are some great accounts payable tips for managing biz operations effectively? #smbiz

@yourowncfo Q4 make sure you take advantage of discounts. #smbiz

@BizCoachDeb Q4 - online payment - huge time saver, goes right into format for loading into QB and statements #smbiz

@yourowncfo Q4, Schedule online payments not a day too soon #smbiz

@qbguy @SternalPR Q4 - Automate this process – i.e. www.bill.com #smbiz

@qbguy @SternalPR Q4 Take cash discounts from those vendors who offer them! #smbiz

@yourowncfo Q4 Pay bills on corp cc & it will stretch your cash #smbiz

@qbguy @SternalPR Q4 Pay bills online where possible – reduces time on reconciling and no costs of paper checks #smbiz

@smbiz Q5 How do you know if you’re with the right bank for your small business finances? What shld U look for? #smbiz

@yourowncfo Q5 Does your banker know your name? #smbiz

@qbguy @smbiz Q5 Do you know the name of your branch manager or loan officer? #smbiz

@qbguy @smbiz Q5 Have they come to you in the last year with ideas on how to lower your banking costs - http://bit.ly/pd5J5 #smbiz

@DrFernKazlow @yourowncfo Q5 My banker (& assistants) know us by name & call if there is something out of ordinary in our acct #Smbiz

@BizCoachDeb Q5-the perks they give you for free, quickness for correcting an issue - I like my banker to know me by name and likewise #smbiz

@smbiz Q6 What are some great ways to minimize the cost of your inventory? #smbiz

@yourowncfo Q6 drop ship if you can #smbiz

@qbguy @SternalPR Q6 Excellent article - http://bit.ly/2mdffV #smbiz

@qbguy @SternalPR Q6 Don’t carry it – i.e. Dell model: order it once the customer orders from you #smbiz

@qbguy @SternalPR Q7 Monthly fees keep a steady revenue stream coming in! #smbiz

@wiseleo Q7 @SternalPR Depends on the product. My twitter application is sold as subscription. My packaged product has a one-time price. #smbiz

@yourowncfo Q7 For new clients, upfront fee tends to separate men from boys #smbiz

@qbguy @SternalPR Q7 - Don’t be afraid to charge monthly fee to a credit card on file. Saves a lot of hassles #smbiz

@smbiz Q8 How do you develop a great cash flow analysis for ur small biz? What do U do? #smbiz

@qbguy @SternalPR Q8 Must have accurate info on A/R $ coming in and when and A/P $ going out #smbiz

@qbguy @SternalPR Q8 I use QuickBooks Cash Flow Projector – Company > Planning & Budgeting > Cash Flow Projector #smbiz

@yourowncfo Q8 your budget is your map…as long as you don’t mind some direction #smbiz

@qbguy @SternalPR Q8 - Keep this process as simple as possible - don’t get too fancy with it #smbiz

@smbiz Q9 How much money do you set aside for expansion, emergency and “opportunity investments?” #smbiz

@qbguy @SternalPR Q9 No easy answer - depends on the goals of the business and credit availability #smbiz

@qbguy @SternalPR Q9 - Always good to have a line of credit in place for any of these situations #smbiz

@yourowncfo Q9 In this economy, at least a 6 month emergency fund #smbiz

@Smbiz Q10 What shld U keep in mind when offering a credit line to customers? #smbiz

@qbguy @SternalPR Q10 - “Friends and family” can be the worst offenders when it comes to paying on time #smbiz

@yourowncfo Q10 Payment history, length of time in biz, biz owners #smbiz

@qbguy@SternalPR Q10 Don’t be bashful about asking for payment – it’s YOUR $$ after all that are on the A/R report #smbiz

@qbguy @SternalPR Q10 - Start them off small and let them earn larger credit limits #smbiz

@smbiz Q11 What do I do with extra cash? Pay myself, re-invest, etc? What’s the best move? #smbiz

@qbguy @SternalPR Q11 - Be sure your financial reports are solid to make these types of decisions #smbiz