Nine steps to making an SME's financial life easier

POSTED: 14th February 2013
IN: Guides

The challenge for many small and medium-sized enterprises can be juggling a number of financial tasks that were not typically part of the boss' former role.

There is no need to fret, however, as small business owners can adapt a few easy steps to make their financial lives easier for a more efficient company.

1. Consider whether or not you have the budget to hire someone to manage your finances. An accountant, broker or financial adviser can be a great asset for simplifying money management.

2. Do piles of bills come through that letterbox each week? Arrange them so they all arrive on the same day and you can pay them off in one fell swoop.

3. Carrying on from the above point, ensure you are paying bills online as this is far more efficient, and safer, than paying by cheque through the post.

4. Has your company accumulated a lot of current and savings accounts? Consolidate this money into two accounts for both ease and transparency.

5. Opt for paperless technologies where the budget allows. This will ensure you can manage all your invoices, for instance, from one place.

6. If you do rely on paper, ensure it is appropriately filed in the right order so you don't waste time looking for a lost bill at the last minute.

7. Think about insurance. Not just for the business, but for your family. Staying financially protected is paramount if you don't want to lose everything in an instant.

8. Spring clean your back office and get rid of any unwanted items. That could be Christmas party bags, empty boxes or piles of paper waste. Whatever your business doesn't need should be binned. 

9. Budgeting. This is a big issue for an SME but keeping on top of the company incomings and outgoings will ensure it remains profitable and the more often you keep track of this, the less likely you are to go astray. 

Subject to status. Security may be required. Any property or asset used as security may be at risk if you do not repay any debt secured on it.

The content published on this website is intended to provide information only. The reader should seek advice from experts on the subject matter and independently verify the accuracy and relevance of any information provided here before relying upon it or using it for any reason. You can view our terms and conditions here.

  • Asset Finance
  • Invoice Finance
  • SME
  • Business Savings
  • Commercial Mortgages
  • Guide