In steel, cash flow is oxygen. When markets swing wildly—whether from demand shocks, input cost volatility, or customer payment delays—your ability to breathe through the chaos depends on how tightly you control your cash.

That responsibility sits squarely with the controller. In many companies, cash flow is reviewed monthly, maybe weekly. But in a volatile steel market, daily awareness isn’t just helpful—it’s essential.

So what should controllers monitor every day to keep the pulse of company liquidity strong and steady? Here’s a no-fluff checklist to help you stay proactive, agile, and in control.

1. Inventory Turns and Aging

Start with what’s sitting in your yard or warehouse. Excess inventory is frozen cash—and in a market where prices swing fast, holding too much steel can backfire.

What’s aging past 30, 60, or 90 days?

Are purchase orders aligned with current demand?

What inventory is underperforming based on movement or margin?

2. Receivables Performance

You can’t spend what you haven’t collected. Keep close tabs on aging receivables and enforce accountability.

What’s the total AR over 45/60 days?

Are large customers consistently delaying payment?

Are there process gaps causing billing delays?

Controllers should flag patterns early and escalate risk accounts to leadership or sales.

3. Payables Timing

Don’t pay faster than you collect—unless there’s a strategic reason. Watch vendor payments closely.

Are you taking advantage of early-payment discounts where cash allows?

Are any vendors at risk of delaying supply due to slow payment?

Are payment cycles aligned with collection cycles?

Balancing payment discipline with vendor relationships is key.

4. Job-Level Margin Tracking

Jobs that look profitable on paper can drain cash if input costs shift or project timelines drag.

Which jobs are open and underperforming?

Are WIP costs in line with budgeted expectations?

Is revenue being recognized appropriately based on completion?

Use ERP and BI tools to watch this in real time—not just at close.

5. Incoming Orders vs. Material Commitments

It’s easy to get caught in the “we need to buy to fulfill” trap. Check that sales volumes match material purchases.

Are orders matching forecast expectations?

Has demand shifted, requiring PO adjustments?

Are we buying based on forecast, not fear?

Controllers should help procurement throttle buying when demand slows—or prioritize faster-moving SKUs.

6. Open POs and Inbound Inventory

What’s already on the water or in transit could crush your short-term cash flow.

How many open POs exceed near-term production needs?

What’s the timing of large steel deliveries?

Can anything be delayed, redirected, or renegotiated?

Partner with operations to balance capacity planning with cash preservation.

7. Customer Prepayments and Deposits

Don’t leave money on the table. For custom jobs or long lead-time projects, cash should come early.

Are deposits being requested and collected?

Is finance coordinating with sales on payment terms?

Are any projects at risk due to underfunding upfront?

Controllers can reinforce cash-up-front policies that protect margins.

8. Capex and Discretionary Spend

In volatile times, even minor capital investments can erode your cushion. Keep an eye on nonessential spending.

Are any unapproved or non-urgent expenses pending?

Are approved projects still financially justified at current margins?

Can discretionary spend be paused or re-scoped?

You don’t need to freeze everything—but you do need full visibility.

9. Cash Forecast Accuracy

How often are your cash projections adjusted? Are they still realistic?

Is your 7-day and 30-day cash position up to date?

Do forecasts include all inflows and outflows, not just the obvious?

Are assumptions revised weekly—or daily—based on real data?

Controllers should keep the forecast moving in step with the market—not lagging behind it.

10. Bank Activity and Available Credit

Don’t assume availability—verify it. Check your access to liquidity each day.

Are any credit lines approaching limits?

Have any changes been made to terms or rates?

Is cash on hand sufficient for the next 7–14 days?

It’s your early-warning radar—and your last line of defense.

Final Thought: Cash Is a Daily Discipline

Steel markets won’t wait for your month-end report. Controllers who want to stay ahead must shift their mindset from “close the books” to “control the flow.”

By treating cash like a living metric—not a historical one—you’ll help your company stay nimble, decisive, and resilient. And when volatility strikes (again), you won’t just survive it—you’ll master it.

Print the checklist. Review it daily. Make cash flow your strongest habit.