Are you managing your small business’s finances as efficiently as possible?
We have come up with a checklist that you can use for your small business finances:
Attend to your financial data
To determine how things are going in your business you need get an accurate picture of your cash flows and performance. This can be achieved by looking into the payables and receivables of your business to ensure there is money in your bank to pay those pesky bills.
Get your receipts in order
Collect your receipts and order them according to time. This will make it easier when tax comes around. There is a wide variety of accounting apps out there that can optimise this process to make it quick and easy.
Go over your transactions
Taking the time to reconcile your transaction will prevent any financial statement errors or worse fraudulent activity. This is where a team of experts or a really intelligent accounting app comes in handy to ensure everything is in order.
Track your inventory
There is nothing worse to tell your customer than “we are out of stock”. Therefore one needs to stay informed of the whereabouts of your inventory at all time and to predict your customers behaviors. To ensure your inventory never goes out of stock rather consult a team of accountants or use a smart accounting app.
Manage your cash flow (online)
To maintain a healthy cash flow you must ensure your business deals in the same day cash flow. To make this as easy as possible use an online accounting platform that will allow you to make online payments and not have to go somewhere physically.
Prepare your invoices before hand and send them out to your clients
Lastly backup all your data
This is a step most businesses don’t take the time to complete. It is essential to ensure you never lose important records. This is where an accounting firm or a cloud based accounting software is your best friend.
This essential checklist only scratch the surface of what is needed to ensure your small business finances runs smoothly. The team at Leading Edge specialize in Small to medium size business accounting. They use the latest cloud based technology giving you full access to your business finances whilst they ensure everything runs smoothly for an optimal business experience.
