For small businesses, the endless list of things to do never seems to get any shorter. Growing the business into a healthy and profitable enterprise can sometimes feel like an impossible dream. Business operations such as marketing, logistics, customer services, product and service management, and finance are some pieces of the puzzle.
Eventually, it can become all too easy to put things off for another day, and that’s when what was once a small thing to do, has snowballed into an insurmountable problem. One area which causes a lot of anxiety and stress is finance because, let’s face it; a healthy business is mainly defined by its profits.
So, we’ve come up with some financial tips for small business owners to help them keep on their game regarding all things financial.
Keep money matters separate
Have you heard the phrase “business or pleasure”? Well, it’s there for a reason. Keep personal, and business finances separate because when you submit your taxes, you’ll find it messy and unnecessarily complicated. This extra administration step at the beginning will save you valuable time later on and isn’t worth the hassle of potential fines or added stress. While at it, consider adding a savings account to your business account to hold funds for paying taxes. This will save you from digging around later.
Apply for a business credit card
Having it as a safe backup for last-minute business finances can be a lifesaver. And it establishes you with a line of credit. Of course, you don’t need to use it, but it’s there just in case.
Create a robust filing system
This is one of those tricky ones because it sounds easy, but knowing what you need can be a real head-scratcher. Whether paper or digital, there are some documents that you should keep on record. Things like:
- Accounting and bookkeeping records
- Bank statements
- Contracts
- Supplier records
- Licences
- Outsourcing/employee records
- Tax papers
Set up an accounting system
We all have our own experiences with Excel spreadsheets, which are undoubtedly helpful. However, they can get overly complicated as time passes, and sharing and updating data doesn’t allow for proper financial reporting or recording.
Luckily, there are plenty of accessible and affordable programs available. For example, QuickBooks, Wave, Zoho and Xero work well for small business owners.
Before deciding which system you should choose, consider what your exact needs are, things like:
- What level of income and expense tracking do you require?
- What types of financial reports are available?
- Can the platform integrate 3rd-party e-commerce transactions?
- Does it interface with your bank?
- Do you have inventory to manage?
- Do you need to track your suppliers’ and clients’ payments/refunds?
Outsource help to keep your finances neat and tidy
Think about the time it can take to implement, research properly and organise a system for your finances. You could look at days or weeks just for this vital operational task. Hiring an assistant is one way to handover this over to a dedicated person and free up your time to focus on the parts of your business that you want to.
Outsourcery assistants can handle your finance needs, large or small. You will be matched with the perfect person to suit your needs. Furthermore, they are supported by HR, IT, Finance and peer-to-peer groups, meaning that their HR needs are met, and they are committed to your monthly package, which is fully flexible and scalable.
Additionally, as an Outsourcery client, you will have access to various digital marketing services, including SEO, web development, copywriting and more. So visit Outsourcery today for more information on first-class virtual assistance and enjoy the stress-free productivity you deserve.
