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4 Tips To Manage & Improve Your Business Finances

4 Tips To Manage & Improve Your Business Finances

Photo by William Fortunato from Pexels

When you’ve put so much passion and time into your company, you’ll be keen to protect your finances and keep on growing your revenue. As an entrepreneur, there are several steps that you should take to manage and improve your finances. The following simple ideas can help you to budget, reduce expenses, and protect yourself financially.

1 . Forecasting & Budgeting Software

To manage your business finances and remain financially healthy try using forecasting and budgeting software. A few of the leading options to check out include:

  • Planful: Using this software businesses can access powerful financial planning and analysis features. With planful businesses can benefit from reporting, visual analytics, operational planning, budgeting, and financial organization.
  • Oracle Planning Cloud: With this software companies can access budgeting, and forecasting, to stay in control of their finances.
  • Jirav: This tool offers reporting and budgeting, perfect for businesses of all sizes. It’s simple to integrate Jirav with Quickbooks, Intacct, or Netsuite.

2. Bookkeeping Services

To improve your business finances, it’s well worth investing in bookkeeping services for your company. There are many benefits to efficient bookkeeping including:

  • Accurate budgeting: Bookkeeping makes it far easier for your business to create an accurate budget. Using your budget you can plan out your expenses, and help your business to grow.  Once you have a realistic and accurate budget, you can plan ahead and make accurate estimations on where your business is heading financially as well. If business is slow now, you may start to feel a bit discouraged or even anxious – however, there are multiple solutions available to get you back on your feet. For example, should your business need a financial injection, and you have assets available as collateral, you could apply for asset based lending, which is an extremely reliable and safe way to give your company the nudge it needs to keep going.
  • Keep on top of taxes: With the right bookkeeping solutions, you can keep on top of your taxes, ensuring that your accounts are organized, for tax purposes.

Professional bookkeepers can support your business to prepare financial reports and tax returns, saving you both time and stress.

3. Reduce Expenses Where Possible

To improve your business finances, it’s helpful to reduce expenses where you can. To help you to lower your costs, a few of these tips might come in handy:

  • Use free software to save money: A few options include Hubspot CRM for customer relationships and Mailchimp for email marketing. Asana offers a free version of their project management tool, and Keyword Hero is a great free tool for SEO.
  • Outsource processes: Small startups can save money by outsourcing some of your processes, instead of hiring full-time staff.
  • Reduce utilities: Focus on remote working to save on rental costs, and introduce ‘bring your own’ device policies to reduce hardware costs.
  • Cloud-based: Eliminate the need for paper and printers, to save more and go green.

4. Protect Your Business From Losses

Protecting your businesses from losses can help you to avoid financial setbacks. Ensure that you use powerful cybersecurity solutions to protect your company from a cyber attack. Additionally, you can invest in cybersecurity insurance, to cover your losses in the event of a data breach. Make sure that you have liability insurance for your business, though it’s not a legal requirement, you will need it if you run into legal trouble.

The key to organizing your finances is staying organized. Don’t forget to negotiate with your suppliers where you can, you could land yourself with a better deal.

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