Startup Tuesday: 6 Resources for Managing Your Business Funds
Posted by Megan Webb-Morgan on March 26, 2013 in Startups [ 0 Comments ]
Managing your business funds is critical to the success of your business. And, 46% of business fail do so because of incompetence – such as a lack of knowledge of business finance (University of Tennessee).
In order to keep your business afloat, take advantage of the resources available for managing your business funds. From apps to blogs and your local banker, there are many resources available to you.
There are several different kinds of apps that can help you manage your business’s finances. With mobile apps from your bank, you can check your account balances, transfer funds between accounts, make online payments, set balance alerts, cancel checks, and more.
Mobile POS enables you to accept credit and debit card payments from anywhere. You can connect this app to your business’s sales and inventory software to keep track of sales and stock levels at any given moment.
Gone are the days when double-entry bookkeeping took place in an actual book. Your business’s software programs are an integral part of your financial management processes. Whether you track your finances through a POS system, sales software, or accounting software, you can use the program to generate reports that provide insight into your business’s costs, revenues, debts, inventory, receivables, and more.
3. Financial Blogs
Following financial blogs can help you keep on top of financial news, market projections and economic forecasts, as well as help you choose your financial software, keep you up-to-date on financial best practices, and alert you to potential issues that could affect your business.
While following larger blogs – like those found on Forbes, Entrepreneur, and other industry giants – is useful, you should also look for blogs that are specific to your industry and will likely address the particular concerns of your business. See our Financial Resource Center and finance blog articles.
4. Your Business Banker
When you opened your business checking account, applied for a business credit card, and began applying for financing, your bank most likely assigned you a business banker dedicated to helping you manage your accounts.
Meet regularly with your banker to go over your business finances – your revenues, your needs, your goals and plans. Your banker can give you expert advice on structuring your business, managing your finances, increasing your cash flow, and fulfilling your goals for the month, quarter, or year.
5. Your Employees
Every one of your employees has a stake in your business, and what they do has an effect on how well your business operates. When it comes to managing your business funds, your employees can be a valuable asset or a millstone around your neck.
- Make sure your employees are fully trained in properly utilizing your business’s software systems. The more efficiently your employees are on their end – checking inventory correctly, entering accurate sales figures, filling out the right paperwork for the right reasons – the less work you’ll have managing funds on your end.
6. Education & Training
You started your business because you have a passion for what you do. Whether you’ve opened a design business or a pet store, you’re successful at the business of doing your business. What this means for your finances, however, is that your business expertise may not extend to keeping track of your funds. In this case, seeking further education or training in accounting, business banking, or accounting can be a valuable resource. Classes are available online, through your local college, or through the Chamber of Commerce, Better Business Bureau, or Small Business Administration Office in your local area.
Managing your business funds proficiently can help you make good business decisions and keep your company in the black. Look for resources – technology, individuals, and organizations – that will provide you with the assistance and expertise you need.