If you run a small business, managing your finances is one of your most important tasks. Fortunately, there are many fine software tools available that can help you do just this. Here are five finance tools your small business should make use of.
There is a distinct correlation between employees being satisfied with their job and the benefits that job offers. Employers that offer benefits (whether they be medical, dental, or vision insurance) can expect that their employees will be generally happier at work.
Every business, no matter how big or small, comes with its own set of considerations. From management to finances, employees to inventory, there are many things to worry about on a daily basis.
That’s why you don’t want to gamble your chance for success on the smallest possible pitfall. Every year, thousands of new businesses fail because of tiny missteps that could easily be prevented.
Missteps such as… Continue reading
Scammers hurt small businesses in the United States every year. According to the Association of Certified Fraud Examiners, the median loss is a whopping $98,000.
The prevention of fraud requires monitoring the workplace, continuously updated controls, data systems, and special procedures related to preventing fraud and scams. Fraud happens when there is opportunity.
The individual may believe the company owes him or her additional compensation. Perhaps the perpetrator knows precisely how weak the company’s controls and systems are and believes he or she will not be caught. Continue reading
The financial aspect of a business is arguably the most essential for every entity. This is not only required for the perusal of the different stakeholders in the company, but it is also the core indicator of whether the business is making profits or losses, and what measures can be taken based on these indicators.
Normally, businesses that have gone public require having their financial records filed for a number of reasons. The Securities and Exchange Commission requires these documents in order to properly propose the securities laws and in order to effectively regulate the securities market industry. Continue reading
And it’s easy to understand why. There’s a lot to handle from making sure you’re deducting your expenses correctly, taking care of payroll, to ensuring your accounting is organized for tax season.
But here are some important resolutions you should make this New Year if you want a significant improvement in your wallet.
I Resolve to Take Control of My Business Cash Flow
Your cash flow controls the flow of your business, so delays can quickly halt the progress of your business.
If you’re dealing with cash flow problems due to the way you are accepting payments, you may have to come up with an alternative that works with your customers or clients.
If you’re spending too much on inventory at once and can’t come up with a decent budget for marketing, it’s a good idea to try to restock twice rather than all at once.
The point here is that you need to manage your cash flow to ensure that your business runs smoothly and isn’t at risk of taking a financial hit. Cash flow will be vital for paying your employees on time, having a budget for marketing, and paying for inventory, so even the slightest of delays can hurt your business.
I Resolve to Make the Best of My Inventory
If your business is based on physical goods, then it’s time to take a serious look at your inventory this year. You want to really go through your inventory to see which products are costing you money, which products to order less of on the next run, and which products you need to order more of.
Evaluating inventory has always been one of the best ways for small businesses to save money, but it is also a good way to spot opportunities.
For example, a product that you didn’t think much of may be popular with customers or a product that’s not seeing much volume might have a high profit margin and may be worth marketing to customers.
I Resolve to See My Business Tax Professional Early
Working with a tax professional that specializes in business tax can translate into a significant amount of savings for your business.
You’ll be able to get information on what you can deduct, avoid tax violations that can get you into trouble, prevent your business from being audited, and learn various ways to save even more money.
But it’s very important that you consult with a business tax professional far earlier than when your taxes are due. This will give you the time to run your numbers back to back for accuracy, better organize your tax records, and ensure that all your deductions are accounted for.
Those are just some of the finance resolutions you should make for your small business this New Year. It sounds simple enough, but each of the three on the list does require a respectable amount of your time.
So rather than trying to spread yourself thin trying to put all three into place, start with one until you feel that you’ve gotten that aspect of your small business finances in order.
Once you see some success, you’ll quickly gain the motivation to put the other two financial resolutions into action.