7 Ways To Stop Business Money Worries in 2015
Now that we are in 2015, many different businesses are tightening the purse strings when it comes to their business finances. You may have looked back on 2014, thinking you could have done much better when it comes to being in control of your finances and having your business running smoothly.
In this New Year, you should take note of all the things you would like to improve and set regular goals to keep everything in check. What have been the strengths and weaknesses when it comes your business finances? These are some of the questions you’ll need to ask yourself if you want to outline any changes to be made and January is the perfect month to start.
You may think this will be difficult, but it shouldn’t be once you get a clear strategy to follow.
Here are our 7 ways you can stop your business money worries in 2015.
1. Organise all receipts.
Are you similar to the majority of people where you ask for a receipt in a shop but you end up putting it somewhere that you will never find it? This is super common but it can create huge problems when it comes to business finance.
Even if you are going to a client meeting and you grab two cups of coffee on the go, you may think that those little amounts of money are worth forgetting about. In reality, these can total up to a huge amount of money, especially when they are regular occurrences.
Instead, keep receipts in a folder or scan them onto your computer so you can always keep track of money in your business.
2. If you’re busy, make sure you clear at least an hour a week to go through finances.
Logging your finances can get messy when left unorganised, even if it is only for one week.
“I’ll do it in a couple of weeks” will only make the work pile up, making it even more tempting to dismiss. Instead, make sure you get into the office once a week and perhaps sit in the boardroom or a quiet place. This way, you’re only focusing on this and not five tasks at once. You’ll end up getting the hang of it and the process will become a lot quicker for you in the future.
3. Keep track of invoices.
Do you keep having to try and remember who you are paying and when? The worst thing is when you have paid nearly all of your employees but forgot
ten others. Instead of risking this problem when it comes to payments, have a look at the different apps available that can help automate this so that you’ll never miss a date again.
4. Don’t forget about Tax.
Unfortunately, we all get taxed and that’s just the way it is. A lot of the time, we don’t even see the amount of money we are getting taxed because it’s automatic. You may forget about the amount you are taxed and you could be organising your finances around this incorrect figure, making you short of cash. Instead, make sure you get a specific amount to put aside each month that represents tax, so there isn’t a shock to your system.
5. Have a look at accounting software.
Pretty much all of us have access to different devices, therefore we can download very useful apps that can make our lives a lot easier when it comes to financing. You may believe that you have to be skilled in Maths and Accountancy to carry out these tasks correctly. There are amazing apps available, such as Xero https://www.xero.com/uk/ that can act as a middle man to help you quickly, without a hundred sheets of paper with scribbled notes. If in the future, your business becomes too large for an app, then you can think about hiring an accountant. Before then, you can save money and also learn a little when you do the accounting yourself.
6. List important expenses.
In our day to day lives, our debit card goes into a reader and we don’t take huge notice of the money coming out of our accounts. It can be a shock when we look over finances and you can’t remember exactly what you bought and why.
This is the reason you need to keep a close eye on the expenses that add up. Look for different ways to save money. If you send off a lot of postage, make sure you view different money saving options such as this, instead of popping to your post office and paying full price for equipment.
Also, if you have technology in the office that needs to be fixed or replaced, such as computers, have a look at different money saving websites that can save your business a lot of money, for example, this new Apple Mac Mini that can differ in price, depending on the popularity of the website. Just make sure you check this regularly so that you aren’t paying a silly amount of money for it to drop in price the month after you’ve made your purchase.
7. Be specific about what you want to achieve in the New Year.
Do you have an idea on the sales revenue you would like to achieve in your business for 2015? It’s great to have a vision for your success and this can be super motivating. However, what about your employees? Sure, when your business has a huge profit, that means more money for you overall but you need to remember about the others behind your business. If you have a specific amount in mind for the target and you’ve smashed it, make sure you can organise new equipment for employees or bonuses. This will make everyone much happier and more motivated when it comes to their role.