Small business owners have to do it all, so it’s not surprising that they are always looking for ways to stay on top of things. Unfortunately one of the things that can be the hardest and most time consuming to deal with is the accounts. However, there are ways to help manage them and stay in control of the business accounts.
Keep track of your invoices
Invoicing is one of the best and easiest ways to keep track of any payments and customers that need to be chased up. The issue tends to be that people cannot get their heads around how to invoice and the organisation that needs to go into putting a system together. This sounds like hard work but once you have it figured out, your ability to track and follow your invoices will be massively easier.
You can manage them digitally or keep paper records, it is up to you, but it is by far easier to do this digitally, and you can make it even easier when you choose an invoice option that is designed for your industry, a great example is NDIS Invoicing. Using industry-specific invoicing will mean you have the proper setup immediately, as well as integrations and multiple timekeeping options.
Have a separate business account
If you have started out on your business journey, you may be wondering when you should open your business bank account. The simple answer? As soon as possible! You need to have the account set up and ready to take those first payments, and if you use your own bank account to accept those first payments, it can be very hard to make the switch to the business account. Have a look and see if there are any business accounts that can let you open up with zero balance and that you can manage online. Or, if you have a good relationship with your bank, speak to them and see if they can help you out. Make sure you have all of your documents and proof of residence and business structure to facilitate proceedings to open business account for your new venture and avoid unnecessary complications.
Keep on top of income and expenses
Income and expenses are some of the simplest ways to ensure that you spot any issues with how your business is going. If you want something a bit more aggressive to track how things are going, you could take some okr training to learn how to manage difficult goals. But if you are happy with tracking the ins and outs of your business, you are better noting them at the end of every day.
Chase up those payments
One of the biggest issues for new businesses is chasing up payments. Many people feel bad chasing things up, but many non-payers are hoping that you don’t bother them. The simple fact is, if people can get something for free, they will happily avoid paying. When it comes to people dragging their feet with payments, don’t be afraid to get in there and chase up your money. If you completed the work, then you deserve to get paid.
Have a backup for unpaying customers
Unfortunately, there will be times when people refuse to pay up for various reasons. This is when you need to have some backups at the ready. First of all, there are certain business insurances that can help cover in the event of a non-payment. This is great for freelancers that don’t have a full legal team at their disposal. You might also want to consider a backup savings fund to help you when you need payment but don’t receive it. Hopefully, you never have to use the backup pot of savings but it should be there for you to fall back on.
Mobile apps are great
If there is one thing that we can say about our smartphones, it’s that apps are great. There is an abundance of apps that are available to help you manage your business at any time of the day, anywhere in the world. There is an app for everything that you can possibly imagine. It is always a good idea to review and search out the best apps to help you keep on top of things. But, you should avoid having too many apps as they can switch from being useful to a lot of busywork.
Find an accountant
Finding an accountant is one of the harder aspects of running a business. One of the reasons is that we are constantly surrounded by horror stories of the trusted accountant stripping the business owner of everything and disappearing with the money. Thankfully, these stories are few and far between, but you should still look for a good accountant who knows what they are doing. One of the benefits of having an accountant is getting them to send an invoice for a non-payment, especially if you have chased it up with no luck. Sometimes all someone needs is some official-looking paper to make them cough up the cash that they owe you.
