Tracking the finances of your business is essential. You must have a rough idea of the situation: you will thus have all the cards in hand to develop and perpetuate your activity. So how do you manage your business finances well? If there is indeed a key interlocutor for monitoring your new business, it is your accountant. Hayhursts specialise in ixbrl tagging, which is an accounting service vital for managing your company’s financial statements.
An accountant should be able to support and advise you in an atmosphere of mutual trust and respect. This means for you that you will have to meet with him regularly to inform him in complete transparency of the evolution of your activity, of your projects, to ask him all your questions, to tell him of your fears and your possible difficulties.
Using a third party also allows you to take a step back on your activity, which can be very beneficial in launching a particular period. The following are other ways to manage your business finances effectively.
Learn to Keep an Eye on Your Activity
Without becoming an accountant, you can’t fail to learn to use or follow a dashboard, which will give you the necessary overview of your activity, the state of your finances, etc. Turnover, margins, sales, the progress of your commercial prospecting, etc. Find the indicators suited to your activity and follow them as regularly as possible. You will be able to chat more calmly with all of your partners, whoever they are.
Get Paid by Your Customers
As soon as your customers are satisfied with the product or service you offer, they have to pay. Do not delay in issuing your invoices, and do not hesitate to relaunch them, in the manner that seems appropriate to you, in order to receive what is due to you. Payment by customers is one of the essential elements of a healthy treasury. Be rigorous and vigilant.
Anticipate and Master!
To start, set short and medium-term financial goals. You will know how to develop your activity, how to reorganize it if necessary to improve profitability, what costs to optimize. This forecast financial plan will be very useful for you to approach financiers/investors if necessary, to discuss with your chartered accountant.
You will not be able to master everything or anticipate everything, but you will have a roadmap, which will allow you to correct things at any time.…