Managing small business finance requires strategic decision-making and planning. It involves understanding how funds flow through the business, monitoring cash flow, and making decisions about where to invest funds for maximum return. To effectively manage small business finances, you must understand the financial needs of your business, create a budget and stick to it, keep track of operating expenses and make sure that all taxes are paid on time. It also includes forecasting income and expenses, analyzing financial statements, seeking external financing when necessary, negotiating beneficial terms with suppliers, protecting assets by adequately insuring the business, and overseeing accounts payable and receivable.