How to Help Your Business Finances Succeed

1. How to Help Your Business Finances Succeed? Three words: prudent money management. Whether you’re a first-time entrepreneur or a company looking to go public, you already know there’s a lot more to success than keeping the finances in order—though putting together a strong finance team is a good start. Here are 10 strategies to smarten up your business finances and embrace your best economic self for those looking to take it to the next level.

2. 1. Go completely paperless or at the very least “paper light” When it comes time to complete taxes or work with an auditor, ditching paper saves you time, money, and aggravation. With the rise of cloud-based business tools and remote work, adopting mobile access and paperless (or less-paper) practices has become both easier and more significant. Of course, the end of the paper has been discussed for decades. But, if only because we won’t be at the office to access those wood-pulp stockpiles, 2020 may be the year we finally cease sifting through reams of paper in quest of bills. We can also expect a significant drop in the use of paper money: Contactless is a “cleaner way to pay” in the age of COVID, according to 82 percent of respondents to a recent Mastercard poll, because it allows for speedier checkouts, more control over physical proximity, and no touch with shared public devices. Cashless means a more complete electronic trail for shops and those managing staff costs. To summarize the advantages of making a serious effort to reduce paper consumption: Better data access—with electronic documents, locating what you need is as simple as conducting a search. You can make payments faster and avoid paying late penalties. It simplifies record keeping, which is especially useful during tax season. It makes you look good in the eyes of your coworkers. You can get rid of your cumbersome copier. What’s not to appreciate about that? 2. Create and stick to a budget When it comes to your budget, the saying “If you don’t plan, you plan to fail” is especially true. A budget—fixed if necessary, flexible if possible—serves as a road map for any business as it navigates business decisions and even plots expansion routes. A budget should at the very least include the money you plan to bring in and the money you expect to spend on costs. With those numbers in hand, you may move on to forecasting, reviewing any discrepancies between anticipated and actual statistics, and making modifications as needed. Keep in mind that this guide isn’t just for your team. It’s one of the first questions a lender, a business valuation specialist, or an outside investor will ask. You’ll be able to present a clear picture of your company’s financial health if you have a well- constructed budget.

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