• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • HOME
  • RECOMMENDED BOOKS
  • FREE TOOLS
  • ABOUT

The Fortunate Investor

Investing, Business, Saving, Debt, Money, Retirement, Taxes and Family Finances

  • Save Money
  • Invest Your Money
  • Get Out of Debt
  • Making Money Online
  • Family & Money
  • Taxes
  • Business
  • Retirement
    • Retirement Calculator
Home » 10 Simple Tips To Manage Your Business Finances

10 Simple Tips To Manage Your Business Finances

July 28, 2021 By The Saving Gal | This article may contain affiliate links. For more information visit our Disclosure

Tweet
Share
Pin
Share
Share

10 Simple Tips To Manage Your Business FinancesWhen you run a business it’s critically important to manage your finances. Keeping on top of your finances is the key to boosting your profitability and growing your company. You don’t need to be a finance professional to boost your financial health. To make a great start today, try these ten simple ideas.

1 . The best accounting software

There are plenty of accounting tools that can help you to manage your business finances. Most companies find that this is more cost-effective than hiring an accountant. Accounting software is easy to use, and some companies offer basic accounting software for free.

One of the leading accounting options for small businesses is Quickbooks. The software allows you to manage your invoices, monitor sales, calculate taxes, and more. If you’re looking to simplify your business finances, this is the tool for you. There are lots of other accounting tools to choose from including Freshbooks, Wave, and Xero.

  1. A detailed budget

In the business world, budgeting is critically important. A detailed budget will allow you to review your expenses and plan your outgoings. With the help of a budget, you can split your spending into categories, and see where you might be able to save money. Some businesses create their own budget using simple spreadsheet solutions, but you can also take advantage of budgeting software. Several apps are ideal for small businesses, including Float and PlanGuru.

When you create a budget you can oversee your outgoings and your profits, and ensure that everything adds up. If your finances don’t add up, you might suspect someone in your company of wrongdoing. To investigate a business partner or colleague you may need to hire a hacker for cell phone monitoring.

  1. Get financial support

Not all entrepreneurs are gifted at managing their finances. If you need a little extra support you may want to hire a financial advisor. With the help of a finance professional, you can clearly understand your finances, and improve your financial health. A financial advisor can support businesses in the following ways:

  • Create a plan to become more profitable.
  • Prepare your business for the future.
  • Create a roadmap to manage your assets.
  • Help you plan personal finances/retirement.
  1. Plan for the future

Managing your business finances is all about planning for the future. You’ll need to make predictions, create forecasts, and use this future-based info to make decisions. Forecasting is important for a business for the following reasons:

  • Businesses need forecasts to inform their financial decisions.
  • Using forecasts businesses can create strategies driven by data.
  • Companies can make operational choices based on market conditions, and assumptions about future profitability.
  1. Chase up debts

To maintain your financial health it’s important to keep up with your debts. If you’re having trouble keeping on top of your debts yourself you may wish to hire a debt collection specialist. With the help of a debt collection professional, you can ensure that you are paid promptly. Businesses need to take steps to improve their cash flow where they can.

  1. Reduce expenses where possible

One of the most simple ways to improve your financial health is to reduce your expenses. Businesses can save money and go green using ideas like these:

  • Give up using paper and printers, go digital with all your docs.
  • Change your energy provider to a source of renewable energy.
  • Buy second-hand items for your company instead of brand new ones.
  • Remain remote operational until you actually need physical premises.
  • Implement bring your own device policies instead of purchasing lots of hardware.
  1. Invest your money wisely

Want to make your business profits go that little bit further? Then why not start making a few investments? If you don’t have much free time, Robo Advisors or investment apps are the perfect solutions. These types of software make small investments on your behalf. First, you’ll be prompted to create a profile and answer questions about your investment goals. Next, you’ll get a few investment suggestions that you can approve or choose to decline. Investing your money can help you to grow your finances and take your business to new heights.

  1. Outsource to save

Outsource to save

Outsourcing can help to save your business money. For example, working with an outsourced IT provider is often less expensive than hiring an in-house team. For short-term projects and needs, you can hire freelancers, whether it’s for graphic designer work or copywriting. If you are a smaller startup you may not want to hire too many permanent members of staff. In this case, outsourcing may be the perfect solution. Before hiring permanent staff members, ensure that you need this member of staff for the long term.

  1. Set financial goals

To stay on top of your finances it’s a good idea to set yourself financial goals. Your goals might be related to saving money, reducing debts, increasing profitability, or all three. When you are creating goals you should ensure that you are specific, including dates and deadlines. Consider using the SMART goal framework to help you create goals that work for you. Without financial goals, you may lack direction, and fail to reach your true potential.

  1. Review your suppliers 

Are you getting the best deal from your suppliers? If you suspect that you could find a better offer, it’s a good idea to shop around. Some businesses like to use a Supplier Information Management System. These systems allow you to search for suppliers based on various factors. For example, if you are looking for a sustainable supplier you can use related tags to find the right company. Finding less expensive suppliers can help you to save money and boost your profits. If you like working with your current suppliers, you might consider negotiating to try and get cheaper prices.

There are lots of ways to stay in control of your business finances. From budgeting tools to outsourcing and smart spending, you’ll soon reach your financial goals and grow your business.

Primary Sidebar

Popular Articles

top 10 ways to make money online - Fortunate Investor

Top 10 Ways To Make Money Online

Wondering how to earn money online? The professional world has definitely changed and more than … Read More about Top 10 Ways To Make Money Online

Save Some Money: Say No To Your Kids - A Child Psychotherapist’s Perspective For Your Children

Save Some Money: Say No To Your Kids – A Child Psychotherapist’s Perspective

Having children will be one of your life's biggest and best events. When you hold your newborn in … Read More about Save Some Money: Say No To Your Kids – A Child Psychotherapist’s Perspective

vantage vs fico score

What is the Difference Between a FICO Score and Vantage Credit Score?

If you don't know what a credit score is, it's time to learn. Your credit score is an essential … Read More about What is the Difference Between a FICO Score and Vantage Credit Score?

Making Sure You Don't Slip Up On The High Stakes In The Oil Industry

Making Sure You Don’t Slip Up On The High Stakes In The Oil Industry

Let’s be frank; money talks in any new enterprise. Whether you’re investing oil or starting a … Read More about Making Sure You Don’t Slip Up On The High Stakes In The Oil Industry

Legal Documents Difference Between Certified and Registered Mail

Legal Documents: Difference Between Certified and Registered Mail

Did you know there is a difference between Certified and Registered mail? The difference is … Read More about Legal Documents: Difference Between Certified and Registered Mail

Footer

TOPICS

SAVE MONEY
INVEST MONEY
REDUCE DEBT
MAKE MONEY
FAMILY & MONEY
TAXES
START A BUSINESS
RETIREMENT

THE FORTUNATE INVESTOR

ABOUT US
ADVERTISE
CONTACT US

The Fortunate Investor focuses on personal finance topics to build wealth. Topics include saving money, investing, managing debt, family and money, taxes, making money, college planning, starting a business, coupons and retirement.

SOCIAL MEDIA

FACEBOOK
TWITTER
PINTEREST
YOUTUBE

Copyright © 2023 Fortunate Investor. All Rights Reserved. | Disclaimer & Disclosure | Privacy Policy | Terms of Service