6 Ways to Manage Business Finance

Aug 31, 2017 by

6 Ways to Manage Business Finance

There are many things that need to be considered by business actors, and most importantly, of course, a matter of your finance. However, there are still many entrepreneurs who do not really understand how to manage their business finances. Are you also one of them? If so, here are, at least, six ways to manage your Business and Finance that you can try to do:

– Separate Personal Account, Family with Business Account
This is important to do because there are still many business practitioners who do not separate the personal, family, and business finance. With separate, of course, business growth is more easily measured.

– Allocate Monthly Spending. Including Your Salary
Even though this is your own business, allocate your salary according to the responsibilities and ‘numbers’ of your needs. If you are forced to borrow your business money, record as a cash/debt that you must return later.

– Create a Cash Flow Projection Note
With cash flow projection, you know, when to receive money, when to spend money, and whether you will have cash or not. With the Cash Flow Note, we can anticipate, find ways before going on minus.

– Create Financial Statement, Minimal Cash Flow
Ideally, you have financial statements such as loss/profit and balance sheet. But, if not possible, because it is still a new venture, at least a report in and out of money you can make.

– Separate Accounting with Cashier
If the money holders or cashiers also make financial reports, then there is the potential for report manipulation. For example, cash in the report is there, it turns out when audited there is no money that may be used for personal gain.

– Perform Regular Item Checks
Another manipulation gap is the stock of goods that have been sold but reported unsold. As a result, the money that should be present also disappears.

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