How to manage your money as a small business well...

The best and simplest way to manage your money well is to set aside a little time each week - say a couple of hours - and use that time to update everything that you need to.

If you get behind then these things snowball and get harder and harder.

But with a little discipline to spend that time doing just accounts and nothing else and updating all the records that you need to you should be able to manage this with relatively few heartaches and issues, fingers crossed!

Thomas

Re : How to manage your money as a small business well

Thomas

I agree with what you say. I would also recommend that those in business set aside half a day or a day when they first start out to actually write down on paper or type up a simple process flow.

This process flow will contain all the financial related steps for each process.

Following through on this each time you need to do something - for instance write a cheque, send an invoice - will ensure that you have a consistent approach each time you do something, which will make it much easier to keep on top and track everything that you do.

Otherwise there is a danger you become inconsistent with treatment of specific tasks over time which can lead to confusion down the line.

Hope this is useful.

James

Re : How to manage your money as a small business well

Get an accountant (and no, I'm not one!)

If money is really tight... marry one!

Lianne

Re : How to manage your money as a small business well

There are some excellent money management software packages out there too - some of them do half the work for you (well, almost), which is nice!

Dan
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