The Eastern Cape Liquor Board $($ECLB$)$ is a public entity established in terms of the Eastern Cape Liquor Act, No$.10$ of $2003,$ and is listed as a Schedule $3$C public entity under the Public Finance Management Act $($PFMA$),$ No$.1$ of $1999.$ Its primary mandate is to regulate the registration, distribution, and sale of liquor in the Eastern Cape Province, while promoting responsible trade and consumption. As with all public entities, the ECLB is expected to uphold the principles of effective, efficient, and transparent financial management, particularly when it comes to managing its working capital. According to the ECLB$$s most recent annual report, the following key financial data was disclosed: Revenue: R$89\mathrm{.}6$ million $($primarily from liquor licence fees and transfers from the Eastern Cape Provincial Treasury$)1$ Personnel Costs: R$63\mathrm{.}2$ million $($the largest expenditure item, constituting over $70\%$ of total expenses$)$ Cash and Cash Equivalents: R$11\mathrm{.}8$ million at year$-$end Receivables: R$6\mathrm{.}1$ million $($primarily unpaid licence fees and other income due$)$ Payables: R$8\mathrm{.}9$ million $($including commitments to suppliers and accrued staff costs$)$ Operating Surplus: R$4\mathrm{.}7$ million Using the above background, discuss the various stages of working capital management that a public entity such as the Eastern Cape Liquor Board should consider to ensure that it maintains sound financial management practices.