Finance: Know How Makes a Difference

Tips for Building Financial Bench Strength​

1. Get a CPA. Even if you only meet twice a year, once for tax planning and once to do your taxes--you gain knowledge, get good advice and your taxes are prepared properly. That is a whole lot of value for a reasonable investment. 

2. Put in place a standardized financial record-keeping system. At its most basic level, really know what's flowing in and out of the business. Pay your bills on time easily. And, track collections and collect payments. Quickbooks is a popular accounting software and the one used by many accountants, so you may want to pick a system your accountant uses. It makes it easier to transfer data & get your chart of accounts set up. 

3. Learn more about finance. Get a basic understanding of key financial decisions for your business. Learn what different accounting reports tell you and why it matters. Most of all get a handle on the relationship between sales, expenses, cash flow and net profit. This is where SCORE can really help. SCORE mentors both the corporate execs. and entrepreneurs have a good understanding of cash flow, business finances and how to plan systems to make it easier to succeed. 

For articles, templates, tips cash flow/cash reserve visit Accelerate Your Cash. You can meet with a SCORE mentor in your community face-to-face to have the conversation that helps provide know-how in business finance. Find SCORE near you. Online you can Ask SCORE questions about finance and cash flow that can help answer a burning question and give you some perspective that can aid you in managing cash flow. Christine Banning, SCORE View more posts by Christine.

SCORE Association
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