You may have realized that one of the biggest headaches you have had to face. And more so now since the Covid19 pandemic began. It to maintain a balance between growth and your company’s accounts. Although since the health crisis began. Many companies have been forced to have an accounting expert to advise and manage the accounts. And thus be able to focus on growing their business. There are numerous SMEs, freelancers, and freelancers who do this work for their account. Having to include the work of an accountant in their day-to-day work.
To be able to identify the possible solvency problems that your business has. It is necessary to carry out a series of steps if you do not want to put its viability at risk. Therefore, in this article we offer you 5 basic tips to be able to take advantage of the resources you have and that perhaps you did not know.
Track and Sort All Business Expense Receipts
Keeping track of business expense receipts isn’t rocket science. It’s staying consistent that is the problem for most small business owners. It’s much easier to adopt an easy habit rather than one that’s complex.
“Keeping track of paper receipts can be overwhelming, but with technology. We can take a picture of each receipt and automatically record it. Once you get in the habit of immediately archiving the receipt you will never miss one,”.
Even if you have good intentions, it’s very easy to misplace paper receipts. Causing you to fall behind on your bookkeeping. The expense tracking option in a cloud accounting platform allows you to take a picture of your receipt and safely store it in the cloud. The simplicity of the process allows you to stay on track.
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Know your business accounting
A problem that small businesses usually find when dealing with accounting is the wide network of factors. That must be taken into account to achieve a solid financial structure: financing, treasury, liquidity. For this reason, the first piece of advice that we go To offer you is perhaps the most basic. If you have decided to carry out this process yourself: attend accounting courses.
Today, where it is more necessary than ever to acquire new knowledge to apply it to business and provide added and differential value, learning about how a company’s accounting works at different levels will be very enlightening if you want to get involved in it.
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Technology, our great ally
In these moments where every penny counts and the forecasts of businesses to invest. Innovation are increasingly complicated. It is necessary to stop and think for a moment about the advantages that management software offers, in this case.
The lack of time and knowledge may be the walls that prevent you from seeing how software with these characteristics can help you improve the financial issue. And you prefer to invest in outsourcing this work. However, thanks to the rapid evolution of these programs, we are increasingly finding a greater offer, at a reduced cost, and very important! adapted to each type of business.
One of the tips that experts give to reduce unnecessary costs is precisely what we indicated in the previous point, know your business in-depth and check the needs that must be covered to adopt the necessary measures without incurring unnecessary expenses.
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Keep your business updated
In case you do not have a management software (SaaS) that records the inflows and outflows of money. Payments made to suppliers, Payments for services, etc. it is possible that, no matter how small your company is. With the time these data will be lost and it is almost impossible to square the box at the end of the month.
This fact is known as “cash flow”, that is, the entry and exit of money in a specific period that serves to know the real liquidity with which a business has and its financial situation to know the money you have. for expenses, debts, or investment.
Therefore, the best advice is to indicate any movement that occurs in your business. However insignificant it may be, and that it is well classified within the accounting plan. Because in this way it will be easier for you to attribute each flow to a certain movement and, if necessary, to be able to support each one of them and avoid possible administrative sanctions.
Although this may seem very tedious if, for example, your business is dedicated to catering to a high turnover of customers. Who make payments in various systems such as credit card, mobile payment, etc. And in different currencies. Today some software allows you to work with an integrated collection system that helps in this management. In this way, you will keep each movement collected, and later it will be easier for you to square the numbers.
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Create an Accurate Invoicing System
Having a system in place to keep all of your accounting organized is key. and the more organized you are, the fewer headaches you will have down the line. In today’s technology-driven era, choosing the right business accounting software is very important, and the first step in creating a reliable invoicing process.
“There are a lot of options on the market. So it’s important that you go with an option that not only has all of the features and integrations you currently need but also has the ability to scale with your growth,” suggests Stephen Young of Blinds Direct.
Young is correct, as transferring everything over to a new platform can be a costly endeavor. While professional-looking invoices are important, the features and scaling potential is equally as
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Ignorance of the law is no excuse
Or what is the same: “ignorance does not exempt from compliance with the law”. Now that the date where thousands of companies will have to file income tax returns for 2020 is approaching. It is a good time to update your obligations as an entrepreneur.
As we told you in the previous paragraph, any type of company needs to be aware of current legislation and the changes that occur. Because complying with tax obligations is essential to avoid fines or administrative sanctions. For this reason. It is advisable to obtain legislative advice to comply with the regulations as much as possible and avoid falling into delays that in the long run become a headache.
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Check the results
A good way to control where your business is is to carry out a monthly evaluation. As we do when viewing the statements of our bank account. At the end of the month to control the expense produced. It can be done with the accounting of your company. What income you have obtained or what are the expenses produced are the basic data that you have to start managing to be able to adjust the strategy little by little.
Currently, most management programs allow access to detailed reports to check the results and to be able to make comparisons between specific periods to see the evolution of your business.
As you can see, keeping the accounting takes time and knowledge, but it does not mean that. Even if you outsource this task, you cannot contribute something to improve it and that you have to be unconcerned. The more involved, the more control you will acquire and the better results you will achieve.
