As a business owner, you're probably mostly focused on getting more customers and more sales, and you should be. Yet while customer acquisition and consistent revenues are two important aspects of any healthy and smoothly functioning business, finances and cash flow should be prioritized with the same level of vigor.
When your business' bookkeeping is kept straight as an arrow, you can draw a more accurate picture of your financial situation and improve your decision-making process. Moreover, proper bookkeeping generally makes work easier and protects your business from fraudulent fee charges, checks that bounce or are incorrectly filled out, and other financial inaccuracies that could affect your company. Simplify your business' bookkeeping today by using these five tips:
You can find any number of digital accounting software these days. There is no shortage of it, and you'll even find some that are completely free to use. You can access transactions from your business' bank accounts and update them effortlessly. Then, you can generate customized financial reports and see account payables and receivables without having to go through month's worth of folders, which translates to significant time savings. You also might want to consider credit repair Atlanta to help you get your business back on track if finances have fallen through the cracks. When browsing through accounting software, look for one that provides a mobile app version of the service to give you access to your financial data from anywhere and anytime.
Set up a Google Calendar solely for business use. Fill it with any finance-related reminders, such as tax filing deadlines, upcoming money transfers, etc. By setting up a financial calendar with reminders and deadlines, you can focus on the tasks at hand rather than get lost in the dozens of other business-related activities that you have going on every week or month. As a safety measure, place alerts on your business' checking account so that you are notified when it goes below a certain value and when recurring payments are made or received.
Being able to track your business-related expenses outside of the office can be quite useful in determining where your operational budget is being allocated to. Moreover, there may be cases wherein you might need to look back on recent payment transactions or purchases. The longer you hold off in tracking your spending, the more chances of forgetting it until it eventually becomes too great and confusing to track. Expense-tracking apps are a nifty tool that automates the taxing process of keeping track of receipts for food, entertainment, travel, and supplies. Some apps are free to use, but are limited in functionality. For larger businesses, however, you'll need to pay to use them.
Traditional merchant accounts are often challenging to keep up with. Simpler alternatives, such as payment facilitators, can provide merchants a comprehensive payment facilitation system that meets their business' specific needs and demands. There are many benefits to use a payment facilitator, such as reducing the time needed to go from design to market deployment and lowering overhead expenses.
Don't hold off paying expenses that you can check off your list today. If you have the option to pay bills in advance, take it, especially if it's small amounts. For example, if you have a monthly bill of $20 from a vendor, choose to pay $120 for six months. Signing up for a six-month or a yearly plan will often yield lower per-month costs and save you some money over time. In addition, you can make certain that you won't incur any late charges. And last but not least, you won't have to make paying the bill a monthly ritual.
Streamlining your business' cash flow operations can have a positive ripple effect on it's other key operations. The more accurately you keep track of your expenses, the more accurately you can predict future financial hurdles that your business will have to overcome.
Publish Date: April 3, 2020 2:41 PM