5 Tips to control your business finance

Managements tips finance monitor

přidal Martin Kotas | 01. 10. 2019

Do you think, that managing your business finances is boring? Although it could be, but keeping your finances in order is extremely important.

A lot of businessmen don’t know where their business headed. When they know exactly how their revenues are stacking up, they could start to make more informed decisions for their business. And also good finance managing makes a better tax reporting for your business. Ive got a 5 tips which could help you to keep your business finances in order.

1. Separate your personal and business finance

This tip is for small business man, which do business like a tradesman. In Czech it's called OSVČ. Mixing your personal and business finances will result in confusion. Begin by opening separate bank account for you and for your business. You save a lot of time, because you haven’t tracking every payment. You will know, that in your business account is only business transaction. The same applies the other way around.

2. Stay organized and plan ahead

Monitoring your finances and future revenue and expenses will enable you to make better decisions for your business. If you aren't looking at the future of your business, you could be taken by surprise. If you want to get ahead and stay ahead of the competition, you should plan as much as 10 years in advance. You'll be able to mitigate unwanted surprises if you have a long plan. Even if unexpected expenses do rise, if you've been practicing conservatism in your spending, you shouldn't run into any major problems.

3. Make a budget

Part of staying organized and planning ahead should include creating a budget. Many business owners view this step as dull and unnecessary, but the importance of a budget could be equated with the value of a well-formed business plan. A budget isn't a tool for planning all finance spending. Rather, you can use budget to help you make clear-headed decisions. Make a budget and use it as your advisor for your future decisions.

4. Choose software that makes sense for your business.

When you have to decide which accountant software to choose, there are a many variety of different solutions. You have to think of Pohoda, Money S3 and Premier. Every accounting software could be online in cloud. We think, that is the best way to managing your business finance. Accounting in cloud is much better, because you can seen every what your accountant do. Everything is online without waiting and you can managing your finance from anywhere at any time. If you haven't moved your financial data from desktop software to the cloud yet, that should be your first step to improve your business finance. The ability to keep an eye on your finances constantly gives you a great deal of flexibility as a business owner. If you've already choose an online solution, ensure that it's the right one for you and your business. A lot of business man prefer personal contact with their accountant rather than cloud solution.

5. Hire a professional bookkeeper

A lot of business man aren't number people. They don't like to count and therefore never be excited like accountants to make accounting without stress. If managing your own finances is starting to get on your nerves, it's time to look into hiring a bookkeeper.

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