Mastering Your Business Finance
The ability to be able to handle your finances appropriately is key to sustaining your
business. While earning the money is good, if not carefully managed, it may lead to
bankruptcy.
Here are some tips for becoming better at managing your finances.
1. Don't Spend What You Don't Have: Many people struggle with this as they claim
that their monthly income does not cater to their monthly needs, hence they resort
to buying things on credit.
It is essential to realize that getting things on credit is not different from spending
what you don't have or spending today what you'll only earn tomorrow. Once this
becomes a habit, you will continuously be living on tomorrow's income and unable to
gain control of your financial life.
Live within your means get credits only when necessary and make sure to pay off as
soon as possible.
2. Say No to Compulsive Buying: This is one of the terrible financial habit’s
individuals develop over time. It is the act of purchasing items even when you know
deep within you that you can do away with them. Even in cases where a purchase
might be a wise investment, deciding to buy without due consideration, can be
disastrous.
Decide before you go shopping. Even quickly jotting a list before you enter the store
helps. It’s a quick reminder of why you’re shopping in the first place. Stick to your
list and save money.
3. Budget for the Unexpected: Great financial plans can fall apart when an
unaccounted-for expense suddenly crops up. Always have a budget category for
"unforeseen expenses" and assign a substantial amount of money to it each month.
You may have a budget that looks good to you now, but unless you set aside some
money for unforeseen expenses you may not be prepared financially to handle some
of these issues.
4. Use Digital Tools to Help you Keep Track: The days where "balancing your books"
involves actual books have long been forgone. We are in a digital world now, where,
with the use of computers and the internet we have access to a plethora of
applications that can help manage our finances. A few Apps like Excel Spreadsheet,
YNAB, Quickbook readily come to mind.
The right Apps can help you manage your finances thoroughly.
5. Hire a Professional: The task of handling your business finances can seem
daunting. At Proville, we provide complete outsourced accounting service package
that allows you and your staff to devote your focus to running the business rather
than getting bogged down in accounting and tax paperwork. We can look after your
entire accounting function, or we can work on a collaborative basis with your
existing staff and provide expertise in just the areas you need us to.
Why not call us today on +234 (0) 906 000 6541 or +234 (0) 906 000 6542 and find
out how our outsourced accounting service can help you take your business forward.