By Keith Tully
When it comes to proper budgeting and accounting, what most people tend to overlook is the prevention and preparation aspect. Without adequate planning, all the right data in the world won’t help once your bank account is over drafted all thanks to a simple oversight. Keep these five easy tips in mind for maintaining a healthy company bank account balance and eliminate the risk of potential company cash flow problems in the future.
As a small business owner, many responsibilities fall on your shoulders. And, as time is money, you probably multi-task to increase your efficiency whenever possible – such as when running errands and making purchases.
There’s nothing wrong with a little bit of multi-tasking to increase efficiency. But there’s one practice you’ll want to avoid – using your personal credit card for business expenses. Many professionals have done this at one time or another, so it probably seems like there’s nothing wrong with this practice but there are four clear advantages to keeping your personal and professional purchases separate. Continue reading
Today’s credit market has become a water-tight financial area where there is no room for delinquency, even for a penny. Creditors take to arms if they find a single default in the monthly payments and go all out to seize every last cent these borrowers may have. As a result, entrepreneurs both big and small are struggling to make monthly loan payments for their start-ups while simultaneously keeping their business above water so that they don’t have to declare bankruptcy.
This is the time for entrepreneurs to begin revisiting their business strategy and customize their daily activities to suit their requirements in order to stay afloat financially. Entrepreneurs should be at the forefront of these developments and lead others to the right direction by actively engaging in the following six things: Continue reading