Keeping an Eye on Your Business Finances

July 1, 2020 2:54 pm

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Running a business can be challenging at the best of times, but during a global pandemic it can be incredibly stressful. If you run a small business of your own, or are thinking about starting one up, one of the main things to remember is to keep a close eye on your finances. You may want to know how to pick a good accountant, with many accountants in Cheltenham to choose from it can be a daunting task!

Having a good accountant is a good way to ensure that your business continues to run successfully, as their expertise will help you to steer your ship and to make the necessary decisions to keep your business afloat. Here are some of the main things to be aware of when managing the financial side of your business.

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Keeping up with the day to day running of the financial side of things is important for a business owner. Keeping an accurate record of your expenses and income is essential so always make sure you find the time to do this correctly and liaise regularly with your accountant.

Invoicing should be done consistently – for example on the last working day of the month. Don’t be tempted to put it back by a few days here and there – many customers will also need invoices to come in on a set day in order to balance their books. It is possible to purchase invoicing software to help you.

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No matter how well your business is doing, it is important not to just throw money around all over the place just because you can afford it. If you continue to keep a close eye on finances as you grow, and only spend out on things that you really need, you will build up a healthy bank balance that will reward you and your company in years to come – for example if you are not having such a good couple of months, you have a financial buffer and may avoid the business going under.