This chapter introduces working capital management, the control of current asset and liability accounts, as an important procedure for companies. It occupies the majority of all financial managers' time. In fact, the importance of working capital management for the new and small business, besides survival, is all the more, as it can be source of funding for the entrepreneurial ventures. It is relatively more important for smaller companies to choose for efficient internal management of current assets and current liabilities. To have a better understanding of how to manage working capital to generate cash flow for the business, one needs to understand how to calculate the cash conversion cycle (CCC) and use it as a tool of working capital management. This also helps in preparing a cash budget and several options for short-term financing (calculating the cost of the most common source, trade credit). Internal cash management is critical to both survival and growth for entrepreneurs.