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5 Ways to Keep Your Business’ Finances in Order

Being in business has a lot of issues to deal with. One of the core components of every business is its finances. Between income, expenses, taxes and payroll it can feel like every day money is dominating. Of course, money isn’t everything, but a lack of money can leave a wide swath of damage and cause a lot of stress. When you want to manage your business’s money you have a lot of options available. Some are high tech and some are downright old school. The following is a list of different ways you can keep your business’s finances up to snuff and working well.

1. Go old School

There is nothing so effective for many people as thinking in ink. While it can lead to a massive mess, sometimes you need to just take out a legal pad and a pen and sketch out something. While this tends to be seen as inefficient, this is your business. You can run it any way you like. In some people’s cases, saving receipts in a folder and tabbing them up every quarter is the way to go.

2. Use Spreadsheets

Spreadsheets are some of the best inventions ever, because business owners can use spreadsheets to keep everything organized easily. Spreadsheets do all of the math for you, so you can focus on the reasons for expense and income problems instead of wasting mental energy on doing the math. With a spreadsheet you can organize any kind of numerical data and make it easy to read and interpret.

3. Use Online Options

The Internet has all sorts of options to keep both your personal and business finances humming along smoothly. You can use sites like Mint.com to keep things sorted out, and such a site is great because you can access it from a lot of different locations.

4. Hire a Cloud-based Book-keeper

Nowadays you can find all sorts of people who have the skills to keep your info organized. You can go to a site like elance or odesk and hire a trained book-keeper or a professional accountant. This way you don’t have to personally track your income, expenses and taxes. However, you still want to ensure whomever you hire is doing a solid job of it.

5. Use Smart Phone Apps

One of the most popular statements in English these days is, “I’ve got an app for that.” The latest and greatest app is the MetroFax app for the iPhone that allows you to fax documents easier than ever. When you employ the faxing powers of MetroFax on your phone, you can send and receive records as easily as if you had a fax machine in your pocket. Coupled with all the other apps out there designed to track the flow of your business’s cash your smart phone can keep everything in order with ease.

With all of the powers modern business people have keeping great financial records has never been easier. You can track income, expenses and taxes with as much ease as people used to be able to add receipts on an old pocket calculator. Or you can just whip out paper and pen and do things the old-fashioned way. Your cash flow statements will be lined up like soldiers in no time.

  

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