Finance – a tricky word that strikes fear into the hearts of lesser men and women.
After all, how can two simple syllables make or break your business?
If you own a company, you’ll be used to spinning the plates of your finances. It’s not easy – and for many it’s disastrous.
You’ll run into cash flow problems, discover head-scratching secret charges, accidentally undercharge clients or maybe even find you didn’t have as many pennies as you thought.
While this is a common problem in a person’s personal finances, it can ruin a company in an incredibly short time.
Before you realise it, you’ll find employees requesting their P60s and heading for the exits, their late paycheques a betrayal.
Lenders will give up on you, viewing you as a liability.
Customers won’t want to invest in your services for the long-haul, fearing that you won’t be open in six months’ time.
And your reputation as a high-flying businessperson will be in tatters.
Your mum won’t even let you handle her credit card.
Sound scary?
It should.
But it’s not an insurmountable problem.
With the right help to hand, you’ll be able to keep track of your business finances with ease.
We’ve put together this list of financial aids. Give them a peek and see if they’re the right fit for your company.
An advisor
Picture the scene…
You’ve just noticed a gargantuan hole in your finances, the kind of hole that could topple even the sturdiest of companies.
Do you bury your head into your desk and hope the problem goes away?
Do you start shredding documents like that scene in The Wolf of Wall Street?
Or do you saunter into your financial advisor’s office and have them deal with the problem?
You already know the answer – and it’s why having a financial advisor on staff, although expensive, could save you a whole load of headaches.
There are plenty of financial advisors slinging their wares in your local area – so take a look and get someone hired.
Payroll outsourcing
Sorting out a payroll is a complete hassle. It’s time consuming, costly and, if you’ve got a large team, could dominate the work of your finance department for days.
But, with the help of technological advancements, payroll outsourcing has become a viable and ideal solution.
Modern payroll systems allow you to track the progress of your payroll via the Cloud and change employee details whenever necessary.
Not only will this make the payroll much easier, but it’ll require fewer staff to oversee the process – so you can consider giving that finance department a trim.
Your local bank
Your local bank is just around the corner – so why not use the services they offer to their fullest extent?
You’ll be able to receive free advice on the basic outlay of your finances if you visit your bank, making it a valuable asset, especially if you’re establishing a startup that can’t afford a financial advisor.
That’s our list! Can you think of any other financial aids for businesses? Then let us now in the comments below!
