making money more manageable in the business
Articles / News / vLog May 02
By Branden 0 Comments

There are plenty of hats you have to wear as a business owner, including marketer, salesperson, employer, and more. Another you have to wear is that of your own bookkeeper. It’s essential that you keep all matters regarding your finances organised and easy to access at any given time. Here, we’re going to look at some of the ways you could make your finances more manageable.

Get some accounting software on your side

The first thing you should do is to make sure that you have the tools that will allow you to keep track of your finances more easily. No need to keep your accounts on a dozen loose sheets of paper that could easily get lost. Get on board with tech in your business, in particular with accounting software that can help you keep track of your cash flow, your reserves, and where your money is coming in, as well as being spent. It’s a lot easier to track the health of your business when you know where its money is.

This can be particularly helpful, for example, when your company has spent a large amount of money on positive train control, increasing the need for tracking and charting your outgoing. Keeping a close eye on significant expenses can be the line between manageable funds and ones that spiral out of control.

Always be after what you’re owed

Accounting software is great for helping you keep track of the money moving through your business, but what about the money that you’re owed but yet to receive? This tip typically applies to those businesses that make use of invoices. Ensure that you have an invoicing system that keeps track of when payment is due from your clients, and when you need to start sending reminders. If you have some late-paying clients, it can pay to add a payment deadline to your contracts, with late fees that you can add to incentivise prompt payment.

Who said you had to do it alone?

One of the problems that a lot of business owners have with their finances is that they simply don’t have the time to give it the attention that it needs. If that’s the case, then why do it all yourself? It is important that you make sure you have an understanding of what’s going on with your business’s money, but you could work with a business accountant who takes care of the day-to-day accounting for you and reports to you. This way, you can free up your schedule to work on the other tasks that bring in that money.

Prepare for tax season

It doesn’t matter what time of the year it is, you should always know how far away you are from tax season and be doing what you can to prepare for it. With the help of an accountant, a lot of this work can be done for you but the most important thing is to keep up with your business records. That way, you have all of the data you need at the ready when it comes time to actually report those taxes.

If you’re not able to keep track of and organize your finances, then that means it’s usually time to get someone who can do it for you. It’s not the kind of thing you can leave by the wayside.

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