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What can your business do to stay on top of their finances?

Running a business can be difficult and sometimes things don’t quite go the way we expect them to. However, despite how unpredictable the business world can be, that doesn’t mean that you can’t be prepared. If you want to ensure that you and your business can stay on top of your finances, here are some tips:

Have more than one plan

You should always go into your business with a plan and this plan can be broken down into smaller and more manageable plans. Set realistic goals for your business to achieve in the future and keep track on the progress you make as you work towards those goals. However, back up plans are just as important as aspirations. If things don’t go according to your first plan you should know what to do to minimise damage and get back on track. The more you plan the more prepared you’ll be for the future.

Keep a close eye on things

An inexperienced business owner might not realise how important it is to keep tracking of the movement of your money. As long as you keep your finances well organised and regularly assess your cash flow you can cut costs intelligently if you have to and track any changes in the performance of your business. Online banking is one great way to keep on top of yor finances and downloading banking apps allows you to monitor your business even when you’re away from your desk.

Keep personal and professional separate

You might be tempted to chip in a bit f your own money to make it to the end of the month but that is something you shouldn’t do. A lot of small businesses fall into this type of trap. It can lead to confusion in the future and turn into a bad habit that might end up being the end f your business. By keeping your money and your business’s money separate you’ll find it a lot easier to monitor and organise expenses and tax deductions.

Ask for help if you need it

A business is a big responsibility to handle alone. Whether you like it or not, there are going to be certain fields of knowledge that you don’t have a complete grasp of and that’s perfectly normal. So, if you’re having difficulty calculating your tax deductibles, distributing your income or are in need of a CVA then it’s better to bite the bullet and ask for help than wait for things to get worse. The earlier you make the decision the less likely your business will be affected.

Don’t ignore financial obligations

This refers to both your financial obligations and the obligations of other people. Missing your tax or VAT deadlines could end up putting you in more debt than you might already be. The interest on these types of fines can build up quickly and at frightening rates, so keep track of deadlines and expenses. At the same time, you should expect the same sort of behaviour from other people. If you loaned money to someone with the understanding that they would pay you back, don’t allow them to shirk their responsibility. It’s up to you to chase up any outstanding debts, no matter how uncomfortable it might be.