| Tips In Sound Financial Control For Longevity Of Your Small Business |
|
|
|
Many have rejoiced in the fact that the recession, in South Africa at
least, is over but this may be premature and business owners would do
well to keep a close eye on their financial controls before budgets are
increased or spent indiscriminately. By maintaining the sound
financial practices that have brought you this far, and perhaps a few
others, you can ensure the survival of your business not only through
the wake of the recession but for many years to come. Hilary Levenstein, of EconoAccounting says, “Utilising user-friendly financial technology is essential for small & medium businesses who wish to be on top of their game. Using a fairly simple, quick and effective system will help your bank balance and will benefit you as you save yourself hours of accounting hassles. It’s when smaller and medium companies are faced with complicated or long and drawn out accounting practices that they set themselves up for failure.” The money spent on the right accounting system for your business will soon be paid off as your accountant will need only to skim through your financials before signing them off resulting in significant savings of accounting fees. Likewise, when the bank requires monthly financials, you can generate the necessary information with a click of your mouse. In addition, you will be able to determine what’s in the bank, how much you’re owed, what you owe suppliers in mere minutes. Levenstein added that “EconoAccounting is a package that enables you to import your bank statement and instantly reconcile your bank account, allocate expenses, calculate VAT, help allocate invoice payments, and produce all your financial statements. For great convenience, you can print your financials every day if you wish, which enables you to remain on top of things at all times. The system allows you to check how much profit you are making, in a mere five minutes per day. The biggest benefit is that, working in this manner, you will be in control of your business and on top of your accounting.” Here are a few simple ways in which small and medium businesses can work more efficiently and effectively when it comes to the fiscal side of the business:
The question you should be asking yourself is whether you can afford not to keep sound financial controls at the risk of losing all the years of hard work put into keeping your business operational. |
| Next > |
|---|
