A Guide for Business Owners: How to Fortify Your Company’s Financial Foundations
Are you determined to maximise your organisation’s full potential? Do you often envision yourself rubbing shoulders with the giants in your field? Is reaching the pinnacle of your industry your one and only professional goal? If you’re to achieve these aspirations and reach these lofty heights in your career as a business owner, you’re going to need to fortify your company’s financial foundations. With a strong fiscal footing underpinning your future growth, you will have the robust platform you need to truly scale your market going forward.
Once you cultivate a strong monetary base for your company, the world of business will be your oyster. To find out what you must do to achieve this crucial financial feat, be sure to read on.
Outsource your payroll
If you aren’t a trained and qualified finance professional, you will no doubt find payroll to be incredibly complicated, regulated, and time-consuming. The longer you take to get to grips with this intricate yet integral component of your company’s finances, the more likely you will be to miss important filing deadlines. Not only could this result in you incurring unnecessary penalties, but it could also put your business at risk of breaching crucial legalisations.
Want to keep on top of your payroll demands? If so, you should seriously consider outsourcing this all-important task to an experienced external entity. With Plummer Parsons and their expert managed payroll services at your disposal, no longer will you have to worry about remuneration registration. This dedicated team of payroll professionals will take it upon themselves to reduce the management of your administrative responsibility. In layman’s terms, they will ensure that your employees get paid in full, on time, every time!
Seek professional guidance
Aligning yourself with a professional accountant is the first step that you must take in your attempt to fortify your financial foundations. With the right fiscal support at hand, you will be less likely to invest your profits into products/services that don’t benefit your business. This will help you protect your bottom line, which will aid you in your bid to build a steady cash flow.
When you decide to seek guidance in this sense, it’s essential that you find yourself a professional that meets your company’s exact financial specifications. Here are seven important things you must do when hiring an accountant for the first time:
1. Never align yourself with an accountant that attempts to blindside you with technical, fiscal jargon
2. Ensure that your accountant specialises in your niche field.
3. Find an accountant that goes above and beyond to save you money.
4. Attempt to unearth an accountant that is proactive as well as reactive.
5. Make sure that your accountant of choice does everything by the book.
6. Check that your accountant is qualified for the job.
7. Choose an accountant who will be capable of acting on your behalf when you are others engaged.
Recover any outstanding debt
You are running a business, not a charity. Quite simply, if there is anybody/anything out there that owes you money, you need to go above and beyond to reclaim it from them! Whether it’s a client or a business partner, you need to ensure that you receive the payments that you are owed. So long as you fail to perform this crucial task, you will consistently struggle to fortify your financial foundations.
Recovering outstanding debt is never going to be a straightforward task, especially when you share a good working or even personal relationship with the debtor. If you want to overcome this all-important hurdle in a highly efficient and effective fashion, you must:
1. Speak to the person/company that owes you money in a polite yet firm manner.
2. Send out a written reminder of the money that is owed (make sure you keep a record of each document that you send in this instance)
3. Align yourself with a professional debt mediation service.
4. Draw up an official Letter Before Action (L.B.A) and send it out as a final warning.
If you’re serious about smashing through that proverbial glass ceiling and catapulting your business right to the very pinnacle of its industry, you’re going to need to fortify its financial foundations. Once you strengthen its fiscal footing, you will no doubt find it easier to take your company to the next level. Put the above advice into practice, and you’ll be sure to shore up your monetary matters in no time.
