With good financial management, your company can plan its actions correctly to meet deadlines and avoid paying interest, which is the biggest obstacle to your business's good results. This allows your business to enjoy good financial health without having to face difficulties in honoring its commitments. Check out some tips to help you control your business's accounts:
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1 – Make a financial plan
2 – Be organized
3 – Keep track of all expenses
4 – Pay your bills on time
1 – Make a financial plan
A key element for the success of the company's accounting control is the adoption of financial planning . It is important to have a spreadsheet that shows all of the company's fixed expenses, so that the manager can plan what the period's expenses will be and what the capital inflows will be. This control can also be achieved through the implementation of software, making the process simpler and more agile.
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2 – Be organized
Invest time and dedication in planning and organizing your canadian cfo email list financial commitments. List all expenses such as taxes, electricity bills, water bills, suppliers, etc., as well as all deadlines. Don't forget to also list payments that are not monthly, since it is necessary to include fixed and variable expenses in your planning.
3 – Keep track of all expenses
Controlling your expenses is essential to ensure good results. This can only be achieved if your business sells and, consequently, receives more than it spends. Therefore, it is necessary to keep control of fixed and variable expenses, in addition to carrying out a daily analysis of cash flow, so that there are always resources.
4 – Pay your bills on time
One way to avoid interest and fines, which are unnecessary expenses, is to pay your expenses on time. To do this, you need to have your company's cash flow up to date to ensure that your bills are paid on time.
If your business is not in good financial condition , and you find yourself, for example, with outstanding expenses, check which of these can be negotiated with creditors, to reduce the amount of interest and fines to be paid.