Starting a business is not for the faint-hearted and it required a lot of hard work and dedication to carve out a market share, regardless of your chosen sector. Managing finances is one aspect of running a business and this article has put together a few tips to help you manage your money when running your business.

Make Good Use Of MS Excel

The spreadsheet application that everyone uses for accounting is Microsoft Excel, which is part of the Office 365 suite that you can use on the cloud. Create spreadsheets for both income and expenditure and get into the habit of updating these files at the end of each business day. If you don’t keep on top of recording transactions, this can lead to disaster. Avoid this by setting up a spreadsheet update routine.

Cash Flow

Unless everything can be billed, you need to maintain a flow of cash that is used to acquire essentials and pay small office bills. Fuel costs are often paid by employees who claim it back from the company. You might need to send people places; there are many reasons to keep a few thousand baht in the office. A small safe keeps cash and important documents from prying eyes, while it is worth noting that a cashless society is already on the horizon.

Create An Emergency Fund

All it takes is a few unpaid invoices to put you perilously close to running out of money; life is full or uncertainties and you need to access money in the event of an emergency. You might be planning for BOI company registration Thailand has, in which case you need to contact an English-speaking lawyer in Bangkok. Indeed, access to a legal specialist is something every business owner should have. There are many ways a lawyer can help you aside from helping you to register the business – checking contracts and agreements and handling any conflicts with employees.

Set Up 30-Day Credit

Things like office materials and vehicle fuel are easily managed if you are billed every 30 days. Indeed, many small businesses rely heavily on 30-day credit. If you have an accountant, let them have access to your bookkeeping section and they can make payments as and when necessary.

Take Out A Business Startup Loan

If you have a limited budget, you are risking it all. Take out a business startup loan and you can keep a specific amount to one side. Imagine getting a tax bill and not being able to pay! Avoid things like this by crunching the numbers at the very outset and factoring in some reserve money, too many small businesses fail due to lack of funds.

A small business cannot grow without access to working capital and money management is a critical aspect of running an organisation. You can easily review your money-management strategies at any time and when the unexpected bill arrives, make sure you can settle the invoice within the required time. You should be able to find out how you are doing financially at any given time, it your accounts are up to date.