How to manage business funds

[Realekom]

Money management is the act of handling your business finance through budget, setting goals, tracking expenses and creating chances for investment.

No business owner or manager wants to be stranded or out of cash his their businesses, yet missmanagements and wrong calculations due occur which affects the cash flow.
As a manager or a small business owner, here are some tips to help you manage business funds properly.

1. SET LONG AND SHORT TERM GOALS
2. ALWAYS BE ON TOP OF DEADLIY
3. MONITOR YOUR SPENDINGS
4. SEPARATE BUSINESS FUNDS FROM PERSONAL FUNDS.

If all these are done and put in place I think it will go a long way in helping you manage your business funds

 

[btaliat]

It is true that any serious business owner should learn how to monitor the way business fund is spent. There should be accountable record to show how and what these money are spent on. There are different ways of doing this. Having the knowledge of Balance Sheet, Trade, Profit and Loss Account and others will take care of this aspect.

Apart from this, it is mandatory on the business owne to do away with selling on credit to avoid bad debts. There are many bad debts that have caused the closing up of a business firm because of improper management.