If you own a small business and have been neglecting your finances, resulting in mass chaos when it comes time to handle bills or ensure that your employees are paid on time, it is time to stop cutting corners and handle monetary manners responsibly. The financial tips that follow will help you get a grasp on your business finances so that you are well aware of how much money you owe and when payments need to be paid. You will also be able to determine how much of a financial gain your business is making.
Open A Business Checking Account And Deposit Funds Regularly
If you have been collecting payments from clients and placing them in desk drawers, a cash box, and various other locations inside of your business, you could potentially lose payments and may also not realize how much money you are profiting. The results could be devastating if you assume that you have more money on hand than you actually do. Curb this careless behavior by opening a business checking account at a local bank.
Get into the habit of placing payments in one location inside of your business. Each day, tabulate how much money you collected and fill out a deposit slip. Make a point of depositing the cash and checks as soon as possible to prevent losing money. If a bill comes due, you can simply mail a check or complete an electronic payment online.
Hire An Assistant
If your workload is large and you do not have a lot of time to invest in keeping track of expenses, perhaps you would benefit by hiring an assistant. An assistant can help get your financial situation back on track by calculating how much money you owe vendors and various other bill collectors, determining how much money you owe your employees, and collecting payments from customers who stop by your business.
Organize Bills And Customer Accounts
As you receive bills in the mail, open them right away so that you are not surprised down the road by an unexpected expense. Place the bills in a designated area or request that your assistant keeps up with their location. Sort through customer accounts on a weekly basis. If there are any outstanding accounts, you or your assistant can call the individuals to inform them of what they owe. By keeping up with past due accounts, you will be more likely to collect money that you have rightfully earned.
Contact a bank, like LCNB National Bank, for more help.