1. Have at least one separate business bank account
and keep your business records apart from your personal records.
2. Reconcile your bank account
on a monthly basis. Ask us.
3. Plan for your tax obligations.
Put money aside in a separate bank account that earns interest and is available when you need to pay your taxes.
4. Make sure you maintain a cash flow spreadsheet
to keep track of income and expenses. Make it a monthly habit.
5. Create a financial statement
(budget) at least once a month – ask us to help you.
6. Keep on top of invoicing
– make it weekly or at least monthly.
7. Attend to outstanding debtors on a regular basis.
Send reminders by email, post and phone overdue statement of accounts.
8. Determine what accounting software program works best for your business.
9. Get to know your bank manager
or whoever will help you with credit finance.
10. Consult with an accountant
during the year and don’t just leave it to the end of financial year to establish a relationship. Build a good working relationship.
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