{"id":1137,"date":"2018-03-05T07:13:24","date_gmt":"2018-03-05T07:13:24","guid":{"rendered":"https:\/\/www.lending-express.com\/wp\/?p=1137"},"modified":"2019-08-20T16:11:09","modified_gmt":"2019-08-20T13:11:09","slug":"6-killer-tips-for-managing-your-business-finances","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/","title":{"rendered":"6 Killer Tips For Managing Your Business Finances"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Whether we like it or not, money management is a crucial part of running a business. This applies to any business of any size. Aside from sales, marketing and management, half the challenge of successfully growing your business is managing your short-term and long-term finances. Luckily, you don\u2019t need to be a financial guru to get your finances in order. All it takes is common sense and a little help from the experts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To simplify your money management for you, we\u2019ve sourced the top 6 tips for managing your business finances:<\/span><\/p>\n<h2><b>1. Separate Personal and Business Finances<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Mistake #1 made by many small business owners is mixing business with pleasure, in other words, using the same bank account for personal and business use. As soon as you set up shop, open up a new bank account in your business name. This way, you\u2019ll be able to track expenses, assess profitability, and avoid unnecessary tax disasters and unexplained losses. Consult a financial expert to decide what type of account works best for your business, don\u2019t feel obliged to commit to your existing bank (shop around), and get your paperwork in order.<\/span><\/p>\n<p>[xyz-ips snippet=&#8221;article-cta&#8221;]<\/p>\n<div class=\"article-leadbox\"><script src=\"https:\/\/www.become.co\/widget\/widget.js?report_entrance=0&amp;lead_box_height=416px&amp;lead_box_width=460px\"><\/script><\/div>\n<p><!--nextpage--><\/p>\n<h2><b>2. Keep Track of Outstanding Debts<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Every business has some form of debt whether it\u2019s a credit card balance or <\/span><a href=\"https:\/\/www.become.co\"><span style=\"font-weight: 400;\">business loan.<\/span><\/a><span style=\"font-weight: 400;\"> Monitor any outstanding debts to ensure that payments are made timeously, to avoid unnecessary late-payment penalties. It&#8217;s recommended to <\/span><a href=\"https:\/\/www.become.co\"><span style=\"font-weight: 400;\">consolidate debts into one simple business loan<\/span><\/a><span style=\"font-weight: 400;\">, to simplify your finances and optimize your borrowing.<br \/>\n<\/span><\/p>\n<p><img decoding=\"async\" class=\"wp-image-1152 size-full aligncenter\" src=\"https:\/\/www.become.co\/wp\/wp-content\/uploads\/2017\/09\/great-1.png\" alt=\"\" width=\"500\" height=\"246\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2017\/09\/great-1.png 500w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2017\/09\/great-1-300x148.png 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/p>\n<div class=\"article-leadbox\"><script src=\"https:\/\/www.become.co\/widget\/widget.js?report_entrance=0&amp;lead_box_height=416px&amp;lead_box_width=460px\"><\/script><\/div>\n<p><!--nextpage--><\/p>\n<h2><b>3. Manage Accounting Properly<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Many small-to-medium businesses are turning to cost-effective, cloud-based accounting solutions, while others prefer to outsource this to a bookkeeper or accountant. Whichever route you take, it\u2019s essential to manage your income and expenses and ensure that all is in order with your business taxes. Keep on top of your accounting all year-round, so as to avoid the last-minute tax panic.<\/span><\/p>\n<div class=\"article-leadbox\"><script src=\"https:\/\/www.become.co\/widget\/widget.js?report_entrance=0&amp;lead_box_height=416px&amp;lead_box_width=460px\"><\/script><\/div>\n<p><!--nextpage--><\/p>\n<h2><b>4. Keep on Top of Invoicing <\/b><\/h2>\n<p><span style=\"font-weight: 400;\">You have lots of new customers who are buying your products\/services. Great! But if the work doesn\u2019t translate into actual money, then all is lost. Make sure that you keep on top of your invoices from the get-go. \u00a0If you use an automated invoicing system, this will all be done automatically for you.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Send out invoices immediately after completing the work<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Set a payment term of 7 days<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Follow up religiously on unpaid invoices<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Monitor payments by cross-referencing invoice numbers with payments<\/span><\/li>\n<\/ul>\n<div class=\"article-leadbox\"><script src=\"https:\/\/www.become.co\/widget\/widget.js?report_entrance=0&amp;lead_box_height=416px&amp;lead_box_width=460px\"><\/script><\/div>\n<p><!--nextpage--><\/p>\n<h2><b>5. Spend Wisely and Frugally<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">It\u2019s important to keep your expenses in check when growing your business, specifically when it comes to your variable costs. For example, you can cut the costs of your software by using cloud-based, open-source software instead of expensive, branded software. Channel your expenditure instead to areas that will help you grow your business. For example, if new equipment will improve your productivity and service levels, then invest wisely in new equipment.<\/span><\/p>\n<div class=\"article-leadbox\"><script src=\"https:\/\/www.become.co\/widget\/widget.js?report_entrance=0&amp;lead_box_height=416px&amp;lead_box_width=460px\"><\/script><\/div>\n<p><!--nextpage--><\/p>\n<h2><b>6. Get a business loan<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Cash-flow is the lifeblood of every business. <a href=\"https:\/\/www.become.co\">Get a business loan<\/a> to ensure that you have enough liquidity in your business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Managing your finances correctly will help you lower costs, increase profits and ultimately help you successfully grow your business. <\/span><a href=\"https:\/\/www.become.co\"><span style=\"font-weight: 400;\">Accept financial assistance<\/span><\/a><span style=\"font-weight: 400;\"> when needed to ensure that you\u2019re doing all you can to create a financially healthy, successful business.<\/span><br \/>\n[xyz-ips snippet=&#8221;article-cta&#8221;]<\/p>\n<h6><em>The information contained in this article is provided for informational purposes only, should not be construed as legal advice on any subject matter and should not be relied upon as such. The author accepts no responsibility for any consequences whatsoever arising from the use of such information.<\/em><\/h6>\n<div class=\"article-leadbox\"><script src=\"https:\/\/www.become.co\/widget\/widget.js?report_entrance=0&amp;lead_box_height=416px&amp;lead_box_width=460px\"><\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Whether we like it or not, money management is a crucial part of running a business. Luckily, you don\u2019t need to be a financial guru to get your finances in order. All it takes is common sense and a little help from the experts. To simplify your money management for you, we\u2019ve sourced the top 6 tips for managing your business finances.<\/p>\n","protected":false},"author":1,"featured_media":1140,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,12],"tags":[],"class_list":["post-1137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","category-us-resources"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>6 Killer Tips For Managing Your Business Finances - Business Funding Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/\" \/>\n<link rel=\"next\" href=\"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"6 Killer Tips For Managing Your Business Finances - Business Funding Blog\" \/>\n<meta property=\"og:description\" content=\"Whether we like it or not, money management is a crucial part of running a business. Luckily, you don\u2019t need to be a financial guru to get your finances in order. All it takes is common sense and a little help from the experts. To simplify your money management for you, we\u2019ve sourced the top 6 tips for managing your business finances.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/\" \/>\n<meta property=\"og:site_name\" content=\"Business Funding Blog\" \/>\n<meta property=\"article:published_time\" content=\"2018-03-05T07:13:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-08-20T13:11:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d2y0x0ts101nr7.cloudfront.net\/2017\/09\/iStock-534055580.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Become\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Become\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/\"},\"author\":{\"name\":\"Become\",\"@id\":\"https:\/\/www.become.co\/blog\/#\/schema\/person\/813104bb9784ace7d518254945f76ccf\"},\"headline\":\"6 Killer Tips For Managing Your Business Finances\",\"datePublished\":\"2018-03-05T07:13:24+00:00\",\"dateModified\":\"2019-08-20T13:11:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/\"},\"wordCount\":601,\"publisher\":{\"@id\":\"https:\/\/www.become.co\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/d2y0x0ts101nr7.cloudfront.net\/2017\/09\/iStock-534055580.jpg\",\"articleSection\":{\"1\":\"US Resources\"},\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/\",\"url\":\"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/\",\"name\":\"6 Killer Tips For Managing Your Business Finances - Business Funding Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.become.co\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/d2y0x0ts101nr7.cloudfront.net\/2017\/09\/iStock-534055580.jpg\",\"datePublished\":\"2018-03-05T07:13:24+00:00\",\"dateModified\":\"2019-08-20T13:11:09+00:00\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/#primaryimage\",\"url\":\"https:\/\/d2y0x0ts101nr7.cloudfront.net\/2017\/09\/iStock-534055580.jpg\",\"contentUrl\":\"https:\/\/d2y0x0ts101nr7.cloudfront.net\/2017\/09\/iStock-534055580.jpg\",\"width\":1024,\"height\":683,\"caption\":\"Happy Latin American business woman doing the books at a restaurant\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.become.co\/blog\/#website\",\"url\":\"https:\/\/www.become.co\/blog\/\",\"name\":\"Become - Powering Small Business Funding\",\"description\":\"Become - Powering Small Business Growth &amp; Funding\",\"publisher\":{\"@id\":\"https:\/\/www.become.co\/blog\/#organization\"},\"alternateName\":\"Become\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.become.co\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.become.co\/blog\/#organization\",\"name\":\"Become\",\"url\":\"https:\/\/www.become.co\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.become.co\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2024\/05\/become-logo.png\",\"contentUrl\":\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2024\/05\/become-logo.png\",\"width\":521,\"height\":97,\"caption\":\"Become\"},\"image\":{\"@id\":\"https:\/\/www.become.co\/blog\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.become.co\/blog\/#\/schema\/person\/813104bb9784ace7d518254945f76ccf\",\"name\":\"Become\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/fe7f651e825010ea56157701c4621218ea2afee5a0650ba96e61ae728e20e667?s=96&d=mm&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/fe7f651e825010ea56157701c4621218ea2afee5a0650ba96e61ae728e20e667?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/fe7f651e825010ea56157701c4621218ea2afee5a0650ba96e61ae728e20e667?s=96&d=mm&r=g\",\"caption\":\"Become\"},\"url\":\"https:\/\/www.become.co\/blog\/author\/algoseller\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"6 Killer Tips For Managing Your Business Finances - Business Funding Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/","next":"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/2\/","og_locale":"en_US","og_type":"article","og_title":"6 Killer Tips For Managing Your Business Finances - Business Funding Blog","og_description":"Whether we like it or not, money management is a crucial part of running a business. Luckily, you don\u2019t need to be a financial guru to get your finances in order. All it takes is common sense and a little help from the experts. To simplify your money management for you, we\u2019ve sourced the top 6 tips for managing your business finances.","og_url":"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/","og_site_name":"Business Funding Blog","article_published_time":"2018-03-05T07:13:24+00:00","article_modified_time":"2019-08-20T13:11:09+00:00","og_image":[{"width":1024,"height":683,"url":"https:\/\/d2y0x0ts101nr7.cloudfront.net\/2017\/09\/iStock-534055580.jpg","type":"image\/jpeg"}],"author":"Become","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Become","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/#article","isPartOf":{"@id":"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/"},"author":{"name":"Become","@id":"https:\/\/www.become.co\/blog\/#\/schema\/person\/813104bb9784ace7d518254945f76ccf"},"headline":"6 Killer Tips For Managing Your Business Finances","datePublished":"2018-03-05T07:13:24+00:00","dateModified":"2019-08-20T13:11:09+00:00","mainEntityOfPage":{"@id":"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/"},"wordCount":601,"publisher":{"@id":"https:\/\/www.become.co\/blog\/#organization"},"image":{"@id":"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/#primaryimage"},"thumbnailUrl":"https:\/\/d2y0x0ts101nr7.cloudfront.net\/2017\/09\/iStock-534055580.jpg","articleSection":{"1":"US Resources"},"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/","url":"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/","name":"6 Killer Tips For Managing Your Business Finances - Business Funding Blog","isPartOf":{"@id":"https:\/\/www.become.co\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/#primaryimage"},"image":{"@id":"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/#primaryimage"},"thumbnailUrl":"https:\/\/d2y0x0ts101nr7.cloudfront.net\/2017\/09\/iStock-534055580.jpg","datePublished":"2018-03-05T07:13:24+00:00","dateModified":"2019-08-20T13:11:09+00:00","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.become.co\/blog\/6-killer-tips-for-managing-your-business-finances\/#primaryimage","url":"https:\/\/d2y0x0ts101nr7.cloudfront.net\/2017\/09\/iStock-534055580.jpg","contentUrl":"https:\/\/d2y0x0ts101nr7.cloudfront.net\/2017\/09\/iStock-534055580.jpg","width":1024,"height":683,"caption":"Happy Latin American business woman doing the books at a restaurant"},{"@type":"WebSite","@id":"https:\/\/www.become.co\/blog\/#website","url":"https:\/\/www.become.co\/blog\/","name":"Become - Powering Small Business Funding","description":"Become - Powering Small Business Growth &amp; Funding","publisher":{"@id":"https:\/\/www.become.co\/blog\/#organization"},"alternateName":"Become","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.become.co\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.become.co\/blog\/#organization","name":"Become","url":"https:\/\/www.become.co\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.become.co\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2024\/05\/become-logo.png","contentUrl":"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2024\/05\/become-logo.png","width":521,"height":97,"caption":"Become"},"image":{"@id":"https:\/\/www.become.co\/blog\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/www.become.co\/blog\/#\/schema\/person\/813104bb9784ace7d518254945f76ccf","name":"Become","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/fe7f651e825010ea56157701c4621218ea2afee5a0650ba96e61ae728e20e667?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/fe7f651e825010ea56157701c4621218ea2afee5a0650ba96e61ae728e20e667?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/fe7f651e825010ea56157701c4621218ea2afee5a0650ba96e61ae728e20e667?s=96&d=mm&r=g","caption":"Become"},"url":"https:\/\/www.become.co\/blog\/author\/algoseller\/"}]}},"_links":{"self":[{"href":"https:\/\/www.become.co\/blog\/wp-json\/wp\/v2\/posts\/1137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.become.co\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.become.co\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.become.co\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.become.co\/blog\/wp-json\/wp\/v2\/comments?post=1137"}],"version-history":[{"count":0,"href":"https:\/\/www.become.co\/blog\/wp-json\/wp\/v2\/posts\/1137\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.become.co\/blog\/wp-json\/wp\/v2\/media\/1140"}],"wp:attachment":[{"href":"https:\/\/www.become.co\/blog\/wp-json\/wp\/v2\/media?parent=1137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.become.co\/blog\/wp-json\/wp\/v2\/categories?post=1137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.become.co\/blog\/wp-json\/wp\/v2\/tags?post=1137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}