Any owner of a startup understands his or her personal liability for the business. But even with so many operating details demanding attention, one of the most important considerations is financial health, advises business collections professional Brennan & Clark LLC.
With the following tips, an entrepreneur can develop smart accounting tactics to better navigate a small business’ initial stages.
Firstly, don’t be afraid to use an accounting software. You’ve to have a good idea of where you stand financially, at all times. And the best way to ensure such is by using a certified accounting software. We suggest going for a cloud-based one, so you can access your financial information even while in transit or remotely.
Go for payment incentives. You can mark up your goods and services, giving solid discounts to clients who pay early or opt for subscription plans. Remember that people will be more willing to spend if they feel that they are getting more for their money. Moreover, incentives and rewards boost consumer loyalty.
It would be wise to let someone else handle your finances. Hire an accounting firm or a contract money manager and pass on to them the money management duties. They will not only have the needed experience in handling finances but can offer likewise offer you advice on saving and warn you of potential financial hurdles. This will free up precious time which you should use to focus on the core business and growth your startup.
Finally, keep in mind that borrowing money is not necessarily a sign of weakness, Brennan & Clark adds. Consider financing options and avoid possible startup burnout as you try to raise too much too fast. Many startups forego key growth opportunities because they are too caught up in raising the money first. You don’t have to rely solely on incoming cash; there are smart financing choices out there, from crowdfunding to bank loans.
Brennan & Clark is a business collections agency that provides customized receivables support solutions that help businesses eliminate credit losses. The firm is a founding member of Commercial Collection Agencies of America. Visit this blog for related posts.
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With the following tips, an entrepreneur can develop smart accounting tactics to better navigate a small business’ initial stages.
Firstly, don’t be afraid to use an accounting software. You’ve to have a good idea of where you stand financially, at all times. And the best way to ensure such is by using a certified accounting software. We suggest going for a cloud-based one, so you can access your financial information even while in transit or remotely.
Go for payment incentives. You can mark up your goods and services, giving solid discounts to clients who pay early or opt for subscription plans. Remember that people will be more willing to spend if they feel that they are getting more for their money. Moreover, incentives and rewards boost consumer loyalty.
It would be wise to let someone else handle your finances. Hire an accounting firm or a contract money manager and pass on to them the money management duties. They will not only have the needed experience in handling finances but can offer likewise offer you advice on saving and warn you of potential financial hurdles. This will free up precious time which you should use to focus on the core business and growth your startup.
Finally, keep in mind that borrowing money is not necessarily a sign of weakness, Brennan & Clark adds. Consider financing options and avoid possible startup burnout as you try to raise too much too fast. Many startups forego key growth opportunities because they are too caught up in raising the money first. You don’t have to rely solely on incoming cash; there are smart financing choices out there, from crowdfunding to bank loans.
Brennan & Clark is a business collections agency that provides customized receivables support solutions that help businesses eliminate credit losses. The firm is a founding member of Commercial Collection Agencies of America. Visit this blog for related posts.
