Handling your business finances is one of the more important aspects of operating any small business, yet it’s a skill which many business owners fall short on. Here are some recommendations on how to handle your business more efficiently and successfully.
Set Up Beneficial Banking
Make sure that you have set up your banking processes to be as advantageous as possible for your business. This means you should keep a separate checking account and credit card for your business, so they never get intertwined with your personal finances. This will also allow you to get any kind of reports or printouts you need to be sure of your financial situation at any point in time.
Save All Your Receipts
There is literally no better way to stay on top of all your expenses than by keeping all of your receipts. You don’t need to maintain a paper copy which you put in a shoebox, but you should certainly have a digital record of all your receipts somewhere so that you can have ready access to them. That will allow you to reconcile your books very easily and very quickly.
Enter Receipts in Your Accounting Software
This is the best way to maintain an ongoing record of all your business expenses, and to facilitate reconciliation. One thing you can do is make use of credit cards which are directly tied into your accounting software. If you don’t have that kind of arrangement, you can still use a spreadsheet which is not connected to any of your accounts, and manually enter all receipts. If this is your approach, you should make a point of doing it religiously every week, so that you don’t get behind by letting it slip to a monthly basis. If you simply invest 30 minutes every week, you’ll be doing a much better job at handling your finances and keeping your business afloat.
What Condition Are Your Business Finances In?Â
If your business finances could use a boost from an infusion of capital, we may be able to help. Contact us at LMC Alternative Business Capital so we can discuss some funding options which may be available to you.
