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Keeping proper financial records is often neglected, but without it, Sales, Procurement, Deliveries, Human Resources, etc., cannot be managed meaningfully. Good financial control would ensure informed decision-making, happy staff, happy service providers, and happy clients. Good management over business finances is therefore crucial.

DEVELOP A LOGICAL BUSINESS PLAN

Although the business plan to every enterprise looks different, the planning procedure is similar. If the outcome is measurable against performance, the plan would be a successful one. A good business plan would improve the success of a budget, resource procurement, resource allocation and time utilisation.

MONITOR YOUR FINANCIAL POSITION AND CASH FLOW

Regular reporting is of paramount importance. Few things are so indicative of good financial management as having the cash available to pay expenses when they fall due. Set up a budget to align with the business plan but remember to include a budget for the cash flow. Not preparing for this, could cripple your business and affect service rendering. Multical Accounting could assist you in the preparation of a sound business budget.

KEEP UP-TO-DATE ACCOUNTING RECORDS

To have live reports, requires up-to-date accounts. Most accounting packages link directly up to bank accounts, resulting in immediate processing of transactions and up-to-date management reports, but where manual processing needs to be done, it should be done as often as possible.

MEET TAX DEADLINES

Always prepare for taxation, whether VAT payment, provisional taxes, or employee’s taxes – always budget to have the cash available to prevent unnecessary fines and interest. Schedule these for completion and payment so that they can be planned for ahead of time.

COVER YOUR RISKS

Unexpected events such as theft or fire usually not only leads to a loss of property, but also a loss of data. Similarly, a loss in internet connection or electricity supply interrupts the flow of business and should be provided for by back-up or insurance.

TACKLE PROBLEMS WHEN THEY ARISE

No matter how much you plan, there is always something slipping through the cracks unexpectedly. Obviously, prevention is always better than cure, but when something unexpectedly happens, tackle it immediately as in the proverbial stitch in time. Delayed problems often lead to a waste of precious time the longer the problem is ignored.

 

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