Have you ever watched a small businessman pick up a receipt inside his/her car and pause -confused for a second -wondering where he should store it? You may have even done it yourself.
Then, low and behold, that same person struggles later in the month when it comes time to gather all those common purchases into one central place -maybe an envelope or file. This type of inefficient activity is more common than you might think. Polls taken among hundreds of small business owners reveal it: organization doesn’t always come naturally. For some owners, it can be monumentally difficult.
If your business is going to run effectively, you need to manage operational finances in such a way that keeping track of how your money flows doesn’t descend into a big hassle. Here are several tips designed to help you stay on top of your business finances.
- Let available technology help you simplify the process.
There are numerous programs and apps today that can assist you in having a centralized, efficient means of storing data. For instance, there are apps for Android and IOS that let you quickly enter dollar amounts and categorize expenses. Be sure to include these kinds of tactics in your daily accounting practice because the software was designed to help you simplify matters and discover convenience in tracking business-related finances.
- Separate your business financial records from your personal finances.
People who operate small businesses are highly likely to blend personal accounting practices with their business dealings. However, not only will this complicate your accounting outcomes, but it can lead to headaches down the road – especially at tax time – when you need to sort it all out. One tip could be, if possible, don’t use your business credit cards for personal reasons.
- Hire an outside consultant or accountant.
Professional assistance in a wide variety of forms is available to help today’s small business owner. Business coaches such as Colosseum Coaching & Consulting in the Tampa area are qualified, helpful, and ready to come in and assess your situation.
So often, this third-party person or business brings some of the strengths you lack to the table.
As time goes on their value will become more and more evident. As they get to know your particular needs and concerns, their usefulness only grows. And you’ll be glad you found some help!
With all the resources at your disposal – technology, knowledge passed on from experience, and outside assistance (consulting) – to help you manage a small business, simply committing yourself toward greater organization should prove to be a wise first step. Then, be sure to consider each of the points mentioned prior. And if it isn’t coming together as smoothly as you would like, then consider finding someone who can step in, assess, make recommendations, and help you follow through, providing service until you reach the objectives you planned for.