Financial Tips for Small Businesses

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New businesses often referred to as “start-ups” are incredibly sensitive. The chances of success or failure of the business can often be a seen as a swinging pendulum. Every piece of revenue, every expense, every decision drives the company towards either long-term success or failure. While some aspects of this fluid formula are uncontrollable, business owners can stack the deck in their favor by ensuring that all aspect of the company’s finances are carefully monitored. Below are some financial tips that will help the new company survive.

 

Financial Software

Small business finances can be complicated. Employee wages, government taxes, revenue, rent, and various other expanses must be calculated to get a true sense of the company’s current financial standing. With only the power of the human brain, such calculations are time consuming and easily messed up. Accounting software can be used to decrease calculation errors and decrease the time calculating the monthly and yearly expenses. Here are a few of the more common accounting software that can be used:

    • Dropbox
    • SmartVault
    • FreshBooks
    • Accounter
    • Quickbook

Seeking Professionals

Successful business owners realize that they cannot control every aspect of the company. An individual doesn’t have the time, the knowledge, and the expertise to successful spearhead every aspect of their company. Here are a few types of people who can help make your company a success.

    • Tax professionals ensure that the company’s state, federal, and international taxes are filed correctly. They also keep track of what business tax write-offs your company is eligible for. With the help of a qualified tax professional, the likelihood of IRS issues is lower.
    • IT professionals properly install, update, and monitor your technology and software. They are the individuals who deal with any technology issues that crop up from day to day. By having them on site, you can deal with any issues without the constant wait.
    • Nothing can sink a company faster than an expensive lawsuit. Skilled lawyers can offer legal advice to forestall any potential problems. They can also act as your representative in court should your company face trial.

Cut Costs

Financial efficiency is vital. The success or failure of a company in the first few years often comes down to a few hundred to thousand dollars each year. Charla Griffy-Brown, an Information Systems and Technology Management professor at Pepperdine University, urges firms to “examine their processes and data to find opportunities for cutting costs” in order to decrease financial waste. Here are a few ways to cut your businesses financial cost:

    • Ensure all free trials and no-longer used subscriptions are cancelled.
    • Check into whether hiring professionals would be cheaper if you outsource the work to someone else.
    • Check if current software and app subscriptions can be consolidated into a few apps that do the same job for less

Small businesses will face many hurdles as they attempt to establish themselves as a trusted brand. While business owners cannot plan for every possible problem that arises, they can increase efficiency with professional finance software and seek specialized professionals while cutting costs.

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