Not my field? Every business and every person needs to know what is happening with their finances so they know what they have and what they need to survive.
- What I have learned as a business owner is that every cent counts, and if you can’t track every cent then you need to find out how you can.
- I’m a big fan of cloud accounting systems, I was an early adopter of Xero. Firstly, they can connect easily with other online systems which bring all your sales, transaction and customer data together. Secondly, they can help you to audit and track expenditure.
- What I have learned about business cash flow is that it appears to be easy to focus on making revenue, while sadly some businesses are burning cashflow supporting past-projects expenses.
- If you do not keep good track of what the costs for ongoing subscriptions and systems that have been set up for one project then this can slowly eat away your profits. In one company that I’ve worked for, I discovered that they had several mobile and data contracts that no one was using, disconnecting them resulted in significant ongoing savings.