Conventional Guide for Financial Success 2/4 - Accounting System, Cash Flow and Profitsby John Cox Author
Here is part two of the 4-article series, Conventional Guide for Financial Success, with questions that can have a huge impact on the success of your business.
In our last article, we covered two important questions from the ten questions Conventional Guide for Financial Success. Let us continue with part two of the 4-article series.
3. Do you have a smart office system?
Get more relevant data in your QuickBooks process more quickly. A smart accounting system ensures no human errors lead to inaccuracy. Building a smart office means more accurate and timely information with a lower total cost of your accounting operation. This constitutes to be a major advantage that small businesses can benefit from.
Businesses of all sizes are racing to integrate today’s technology into their business. They can radically streamline and improve their accounting processes with advanced software and reap rewards from enhanced financial intelligence.
4. Do you have control over Cash Flow Management?
Finances are the foundation of a business. Maintenance of cash flow is crucial to keep the process functioning. Contrary to popular belief, profit is not the same as cash flow. To understand this, one must know how each is calculated. For a small business, the situation where profits and cash flow are not complementary to each other is very common. In order to grow, small businesses keep investing in their assets. Understanding your real cash flow helps you decide whether to hold off on more investments and cash outlays – or whether the time is right to spend.
To get your finances in order, QuickBooks Remote Access lets its authorized users access the accounting application remotely, so you can work from anywhere and at any time. Just making a profit is not enough to guarantee a regular cash flow. Remember, the incoming cash via customer payments is often delayed, and payments to be made to vendors and suppliers cannot pile up. A situation might arise where you are not able to take more orders as you’re still waiting for payments to be credited. Thus, a cash flow management strategy is imperative for improving cash flow in your business to ensure sustainable growth. These measures are integral to the long-term health of the business.
5. Do you strategically think about how your employees drive performance and profits of your business?
Ask yourself, do you have the right people? You need to evaluate the productivity of your people on a regular basis. Defining strategies of human capital will streamline workings and help to get more productivity from people.
If you value your staff as the most important resource in your company, you should listen to their training needs, career goals and ideas for your business. There are many ways to gauge if your employees are happy and are doing quality work that will ultimately affect your bottom line. This does not have to be complicated or time-consuming. If your staff is empowered to make the company better, you’ll get better. Your staff is who interacts with clients and they know more about what needs to be fixed than the CEO.
Above are three questions from a ten question guide through a 4-article spread. This is part two of the series. For the next part of Conventional Guide for Financial Success --- watch this space.
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Finances are the single most important thing that keeps a business running smoothly. For a better working process, companies are integrating advanced software to streamline cash flow and calculate profits. In today’s world, businesses need to have a competitive edge over their competitors.
Created on Mar 28th 2018 07:06. Viewed 482 times.