Wednesday, May 21, 2014

Are You Struggling to Manage Your Small Business Finances?



Many small business owners and entrepreneurs neglect the responsibility of managing their small business finances. 

Why? Well from what I’ve been told, they don’t have the time, it’s time consuming; they are not good with numbers, therefore it fall to the bottom of the to-do list or they simply just don’t know how.

Whatever the reason, it’s not good business practices to neglect this important area of your business.  Although you may be functioning throughout the year without managing your small business financials; but do you really know how the condition of your business.

I can say this; I guarantee you that at tax time, you will make managing your business finances a priority.  Due to the fact, most business owners and entrepreneurs fear the IRS.

MANAGING YOUR BUSINESS FINANCES


Managing your company’s finances can be an easy task and less time consuming if you stay on top of it on a regular basis.

For those who have some accounting experience and can manage your small business finances, here are a few tips you may want to consider:

  • Get organized with your paperwork– with today’s technology there are all sorts of programs and apps to help you keep track of your finances.
  • Go Paperless – download your statements and view them online and scan your invoices and receipt to your computer.
  • Make a Commitment - Commit to a date and time every month you can make available to update your accounting records and stick with it.

No if you are not good with number or you really don’t have the time, there’s only one thing I would consider you to do:

Ask for Help.


Hire a reliable, trustworthy and experienced bookkeeper or outsource to a bookkeeping consultant to manage your small business finances and focus on what you do best.  Keep in mind that small mistakes and a lack of knowledge can be costly and problematic.

Managing your small business finances will certainly improve the financial health of your business.
How have you managed your cash flow to ensure financial health?  Share your comments and questions with us.
 




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Theresa Todman, Managing Partner/CEO of B&M Financial Management Services, LLC . Theresa specializes in financial management and small business management consulting.
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