Simple Ways to Improve How Your Business Handles Its Finances

You can improve your finances massively by handling and organising them in a better way.

It allows you to stay in control and avoid any nasty surprises that can strike when you don’t handle the finances in the right way.

To learn about some simple improvements that might help you, keep reading.

Table of Contents

Store Accounts in the Cloud

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If you store your business’s accounts on your computer, you could be making a big mistake.

Desktop software is less efficient, and it demands a lot of space on your hard drive. But when you store all this information in the cloud, you will be able to access it whenever you need to.

And you won’t have to worry about how much space it’s taking up. So, if you haven’t made a switch to the cloud yet, now is the time to do it.

Use a Tax Advisor

When the time comes to pay your taxes, you will probably be despairing. It’s such a huge undertaking, and if you’ve been ignoring it all year, that deadline can approach like a train coming at you.

If you want to get the job done in a stress-free way and avoid making mistakes, hire a tax advisor. Or you could hire an accountant who will take care of many of your business’s financial pressures.

It takes some of the weight off your shoulders.

Get the Right Merchant Account

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You need to make sure that you have the right merchant account too. There are many different types of merchant account, and you will have to find the one that suits your business model.

Merchant accounts allow you to take payments from customers in a swift and secure way. High risk merchant accounts are essential for businesses in certain sectors.

That’s because they offer extra protection for clients. Look at what all the options are and see what fits best for you.

Don’t Put Off Bills and Financial Obligations

It’s easy to stuff that latest bill in the drawer and forget about it for a while, but that’s not a good way to run a business. Out of sight does not mean out of mind.

Those financial obligations will catch up with you sooner or later. And failing to make payments on time will only mean that you have to pay more later on, and that’s not what you want.

From a financial perspective, it’s always better to pay bills and make loan repayments as soon as you possibly can.

Understand Seasons Sales Patterns

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In some industries, there are seasonal variations when it comes to sales. You might sell more products at a certain time of the year, and less at another time.

Dealing with these patterns is very important. Without that preparation, your business won’t be able to cope with the fall in sales that comes at a certain time of the year. This can lead to unsustainable losses, and that could really destabilize your business.

Don’t let that happen; think about seasonal patterns, and then prepare for them.

Comments

Felicia says

July 11, 2016 at 3:05 pm

The first is the most important aspect of building a business online.
You don’t need a physical office and you can store everything in the cloud!

Thanks for your insights.
Donna Merrill says

July 11, 2016 at 5:51 pm

Hi Erik,

Great tips here that need to be addressed. I find that hiring an accountant is critical. Bills getting paid on time is another factor so setting up automatic payments is something I love. I need not worry but do check the account often lol.

The best for me here is to understand seasonal sales and patterns. When dealing with international customers, we do have to understand so many of them. China for instance will take a whole month off when it is new year for them. So if one is selling products expect delays or get things done quickly if you are using a manufacturer in China.

We have to know about various holidays and trends in all countries if we are digital marketers too.. From holidays down to days and time of the week…we have to do our homework.

Thanks for this lovely article.

-Donna
Ravi Chahar says

July 12, 2016 at 4:53 pm

Hey Erik,

In the world of online business, people are taking it ahead. But as you have mentioned above about paying the bills and storing the important credentials. It’s quite good and helpful.

People should store their important information about the username and passwords on any cloud storage. Knowing the season sale pattern is hard. But still I can try.

Such an informative post indeed.
Have a great day.
Ravi
Saurav Kumar Nayak says

July 13, 2016 at 10:26 am

Hi Erik,
Once again it was fruitful visiting your blog.
The main job of bloggers is writing and they are good at it. But in the field of blogging, other important task also needs to be carried out by them.
It is seen that many bloggers are very good at writing but are not as good in Administration and management. It feels like a burden to them but they can also not ignore them as they are important.
Your tips regarding other mandatory task for a blogger are really valuable and everyone should look at least once at it.
Thanks for sharing.
With regards,
Saurav
Mike says

August 4, 2016 at 12:26 pm

I would say in all that your merchant account is most important thing because without secure merchant account all hard earn money always in risk and a good merchant account can work with all types of payment gateway. Really informative article, Thanks for sharing.
Brian says

November 7, 2016 at 6:31 pm

Using the cloud is a great way to keep track of all your business records. Thanks for sharing!
McKenzie says

March 23, 2017 at 4:10 pm

This advice is great! I think that switching and saving in the cloud is not only making everything more secure, but it is also making communication between businesses and accountants easier and quicker. Thanks for sharing!