WANT TO IMPROVE YOUR BUSINESS FINANCES? TRY THIS.
The year is 2018. You are huddled over your desk as you browse through leaves of business documents in your office. Papers are strewn on the floor as you get up from your chair and walk around your office with a shake of your head.
How do I improve my finances? What to do, what to do?
Like a flash, you remember an article written on the Cashflow e-invoicing platform. The topic was on improving your business finances in the New Year.
You recall that some of the points in the Cashflow article were:
Pay up all your bad debts
’Tis a bad way to end 2018 with outstanding debts. One important way of moving your company forward is clearing all your debts. A quick scan through your files will unearth your receipts and bills issued to you by other service providers.
In a bid to achieve this you:
Go paperless
You are put at a great advantage by going paperless. This is made easier for you when you store your vital documents in Google Drive and Cloud. It is also a great idea to scan papers and upload into Cloud for future reference.
This means your paper invoices will also be scanned and sent into the Cloud.
Practice business forecasting
If you’re the astute businessman you’re meant to be, you will have a decent idea of where your business is heading to this 2018. As you’ve kept your books, you will be in the best position to predict how much you can expect as income in this year.
This business forecasting is done by looking at your current finances and projecting an increase based on realistic trends in your current business circumstances.
Business forecasting helps you gain ground financially and:
Plan for big expenses
It’s hard to evade contingencies in business. Machines break down, equipment get damaged, and employees lobby for increase in their salaries. These expenses are best offset when you plan for them and:
Go over your budget
Surely, you have a budget planned for your business? Gasp! You don’t! Not to worry; your business forecasting skills, outstanding debts and big expenses will all be incorporated into the budget.
The planning of a business budget will give your expenditure a definite direction and will spur you on to make the money necessary to finance the budget.
With these points, you are set to take the rest of 2018 by storm!
