5 Organizational Tips For Smart Business Money Management

Hi all. Found an excellent article that I am sure many will relate to. Hope you get something useful out of this...

Personal money management is tough enough, but when you try to manage money for an entire business or brand, things become even more complicated and convoluted. And that’s why there are specialized tools and organizational tips specifically for business finance managers.

Shorten Your Cycles

A recurring problem in business finances happens when financial cycles take too long to complete. You’ve got the sale. You’ve shipped the product. The customer may have even scheduled the payment. But you don’t have the money yet, and you have to crunch the numbers anyway. Because of how quarterly cycles reports work, this can look really bad on your financial records. Which is why figuring out how to shorten those cycles, and tighten up the time between phases, is going to be the goal of any small business.

Keep Your Finances Separate

One mistake that many people make with their newly formed businesses is that they don’t keep their personal and business finances separate. This can be one of the worst decisions to make from a money management standpoint, because all of the data will be mixed together, disallowing you from making accurate decisions about basic things like budgets.

Looks like really useful info, eh? Just click here to find out more! If you’d like to share perspectives or discuss how it relates to your business, call me on (0410) 467-183 or email me at [email protected].

Thanks,

Greg