As the owner or manager of a small company or organization, financial management should always be the top of your business priorities. Effective MA financial management for small businesses involves being knowledgeable about cash-flow projections, bookkeeping and accounting, loan proposals, savings and investments, and payroll. Many larger companies may have an accounting department that deals specifically with all these needs, but as a small business this responsibility often falls on the shoulders of the business owner or manager. So, as we move forward into 2014, what are some MA financial management tips you should keep in mind?
Online accounting software maker Xero has released a new collection of critical tips and advice from accountants that is specifically designed to help small businesses improve their operations in 2014. Here are their top tips from accounting professionals present at Xero’s U.S. Roadshow and 1st US Xerocon conference:
Spread Out Tax Payments. If you have trouble saving for your quarterly estimated tax payments, consider making it a monthly payment instead. You should treat tax payments like any other monthly operating expense. –Michele Etzel, CPA, Bayside Accounting Services, Baltimore, Md.
Plan For the Future. Tina Gosnold, CB at Set Free Bookkeeping in Seattle Washingtion, says that if you’re not looking 5-10 years ahead, you are behind your business competition. She states that it’s important to live in the “now”, but as a business owner you should always be thinking about the future.
Monitor & Measure. Look at your company’s financial performance regularly and use backwards-looking financial statements to project forward revenue, expenses, and cash flow. You can’t manage what you don’t measure. Having this knowledge will help you make better decisions. –Dave Casebere, B2B CFO® (D Casebere Consulting LLC), Scottsdale, Ariz.
At Sinclair Risk and Financial Management, we understand the extreme importance of a solid financial plan. When you partner with us, our team of seasoned and talented professionals will gain a full understanding of your MA financial management philosophy, goals, and individual risk tolerance. We’ll also get inside your business operation to identify exposures to loss that threaten your business. Contact us today at (877)602-2305 for more information.