02 05 2014

02 05 2014

How To Organize Your Finances and Accounting for 2014

January is the first month in the tax year for many companies. Here are some ways to make the most of the new year to get your company financially organized.

Get your accounting squared away

Fox Business recommends that you hire a CPA to do your accounting for you. You shouldn’t only consider your tax accounting, but also have your CPA compile records and monthly financial statements in compliance with GAAP. Many banks will not lend to you unless they see financial reports like that, although this is not necessarily true for alternative lenders, who often work quickly and do not require so much information. Fox also suggests that you keep track of your accounts daily. This means ensuring that you know where everything in your account book is going.

Focus on your cash flow

The ability to predict your cash flow will set you apart from your competitors, according to an article by the National Federation of Independent Business. The easiest way to do this is to make estimations of how much money you plan to spend and what your revenue stream will look like. Look to prior months and years to see what the pattern has been for your business in the past, and think about how future economic trends will impact what you do. Create a ‘best case’ and ‘worst case’ scenario for each cash flow estimation. Figure out how much money you will need to spend each month just to stay in business. Once you’ve begun making estimations, see how they shape up in comparison to the actual numbers. If you are consistently under or over shooting, then factor that into your guesswork.

After making these estimations, you should build yourself a cash cushion to help you in case anything unexpected happens.

If you find yourself needing extra help securing cash flow for your business, consider getting a small business loan from National Funding, which can extend quick financing of up to $250,000.

Featured


  • Working capital loans for small businesses

    Working Capital Loans for Small Businesses

    National Funding knows that small businesses are the fabric of America. That’s why we’ve made your business, our business by providing thousands of working capital loans to small and midsize companies in every state in the country. Every business owner knows that working capital is the lifeblood of a business. It’s money for inventory, bill… […]

  • How small businesses can retain customers

    Customer Retention Strategies for Small Businesses Success

    As a small business owner, you know it's much easier to work with existing customers than to bring in new ones. While a flow of fresh shoppers is always a good thing, the customers who learn about you and your store while returning time and time again are a very solid and useful base. Of… […]

  • How to get email newsletter subscribers

    3 Simple Tips To Convert Visitors Into Email Newsletter Subscribers

    An email newsletter is a great way to stay in touch with your customers and let them know when certain promotions will be held. However, you can't get the word out about your amazing products if no one subscribes to your newsletter. Luckily, there are many methods to bring in more subscribers. Here are a few… […]

  • Business feel stagnant?

    Does your small business feel stagnant? Advice for jump-starting success in 2018

    Once you've successfully established your small business, you've reached a major milestone in your professional life. You've successfully met a variety of crucial needs, like creating cost-effective workflows, building relationships with clients, managing workloads and many others. However, you may also feel like your company isn't growing as quickly or as strongly as you'd like… […]