Your Finances are the Lifeblood of Your Business: Have You Got the Basics Covered?

I think the following raises some excellent points about finances. I’ve included a few of the highlights for you to get the gist of the article:

There’s plenty to cheer about when you’ve launched a new business or startup.

You’ve taken the leap; you’re in the driver’s seat, and the future looks bright. However, in between all the excitement and running around, there’s also the nitty-gritty, the accounting. The fact is, finance is the lifeblood of any business. That’s why it’s important to have the basics covered.

These 10 tips will help you get on top of your accounting, leaving you with plenty of time to focus on your business:

1. DO YOUR HOMEWORK.

Before your business is even breathing, you need to do some solid prep. This means thinking about all the potential expenses from office space and employees, to equipment and marketing (plus everything in between). Tallying up a rough cost of all these expenses will help you create a budget, determine what you can and can’t afford, confirm your business structure, and help you avoid common business mistakes.

2. MANAGE YOUR CASH FLOW.

At the end of the day, cash flow is what keeps your business turning. It sounds obvious, but you need to make sure you’re getting paid, and that means having a collection process in place. Don’t be afraid to follow up on late payments too. To keep things running smoothly, you also need to pay your suppliers on time and have a budgeting system for putting aside tax, operating costs, and even emergency money for when things go south.

3. CALL IN A PRO.

If you’ve got the resources, and you don’t really want to get bogged down with accounting, why not employ an accountant? The reality is, their knowledge of financial rules and regulations will likely save you money and stress. When you’re new to the game, it can be tempting to go at it alone, but accountants are the ones who’ll find you more deductions, keep your records clean, organise your books, and generally, make your life much easier.

What do you think? Maybe you’d like to read on? Check out the full version HERE then give me a call to discuss how this might impact your own business: (0414) 934 277. Alternatively, email me at [email protected].

Thanks,

Carmen