Monitoring and tracking financial operations is essential to keep track of accounts, information on the volume of accounts payable and receivable from the company. This process is essential to ensure balanced corporate financial management.
Let’s see what financial management is and why it is so important for businesses.
Do you remember that all the actions of a company are related to the planning, analysis and control of financial activities? Well, accounts payable and receivable are important information parameters for project management and decision-making processes.
How to better control your company’s accounts?
We live in a capitalist, technological and highly consumerist world. What may be bad for some is great for any company that works with sales. The more products sold, the better the financial health and the corresponding profit.
Let’s see some tips to assist in the effective control of your business accounts, always aiming to increase your results. Thriving requires effort and dedication, as well as strict control to ensure balanced financial health. Check out!
1. Make a financial plan
A key item for the success of account control is the adoption of financial planning — it is important to have a spreadsheet that shows all the company’s fixed expenses, so that the manager can program the expenses for a period and the capital inflows.
Use of software
This control can also be obtained through the implementation of software, making the process simpler and more agile. It is always worth remembering how much planning is an essential tool for your establishment to have positive results.
A good financial management system facilitates the operationalization and monitoring of financial and tax processes, as well as the integration between departments to make information more agile and standardized.
Cost of marketing actions
Having a well-defined annual plan enables better investments in marketing actions that boost the business and leverage sales in a balanced and continuous way.
2. Be organized
Good organization allows for a better management of information, which, when generated and stored properly, serve as a basis for the issuance of analytical and reliable reports.
In this way, it is easier to “predict” financial results and support planning based on real data. There is nothing worse for a company than planning good strategies and discovering ahead that there is no way to take steps due to lack of resources.
Chronological archiving
In the physical structure, keep a file with the financial, tax and accounting documentation (if this is managed from within the company) always updated and in order, so that any query is quick and efficient.
3. Control all expenses
For planning to be successful, it is important that financial control of expenses is done and that you ensure good results. This will only be achieved if your business sells and, consequently, receives more than it spends.
That’s why it’s so important to keep track of fixed and variable expenses, and make a daily analysis of accounts and financial entries, so that there are always resources to honor your commitments.
4. Pay bills on time
One of the ways to avoid unnecessary expenses (interest and fines) is to try to pay expenses on time. That way, you need to have the company’s cash flow updated, to ensure the payment of bills without delay.
If your venture is not in good financial condition, and you find yourself, for example, with outstanding expenses, check which of them can be negotiated with creditors, to reduce the amount of interest and fines to be paid.
5. Anticipate payments that offer a discount
It’s always smart to check for accounts that offer discounts for payments made before the due date. Early discharge, in addition to saving resources, makes your company gain credit and a good image with its suppliers.
Like you, your suppliers are also looking for a balanced financial management and it may be possible to negotiate the anticipation of debts for cash payment with a good advantage for cash.
Why consider all the steps cited in this post?
Remember what I said at the beginning of this post that all company activities flow into financial management? All the tips I left to help your business are somehow intertwined and following a linear path will make your results positive and surprising.
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