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An important function of a business is to make sure that the finances of the business are in order. Every penny that enters or leaves the books of the business should be accounted for, which is why it is important to have a set of processes in place where they affect the money part of the business directly or indirectly.
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David ThienAnh Luong What You Can Do to Get Your Business Finances in Order
An important function of a business is to make sure that the finances of the business are in order. Every penny that enters or leaves the books of the business should be accounted for, which is why it is important to have a set of processes in place where they affect the money part of the business directly or indirectly. According to experts like David Luong, 5 things that problem solvers do at their workplaceshould include waterproof handling of the finances so that it is possible to make sure that no money gets wasted or channelized in the wrong direction.
There are a lot of things that you can do to make sure that the money in your business remains accounted for. When you are aware of the ways in which you can take care of your business money, it becomes easier to not only manage the finances but also work on the securing of the money that the business owns. Here are some of the best ways in which financial management and handling can be done for a business:
Use of Technology and Automated Systems: One of the most important things that the businesses in the modern times need to do is to make sure that the money is run through automate channels. Right from releasing employees’ salaries to the payments that are made to vendors to the money that is received from clients, all of it should be done through online payments or automated instructions. This helps in making sure that all the money down to the last cent is noted and in statement. You can also be sure about all the money going through legal as well as safe channels.
Working On Process Management: The process of approvals should be formulated in order to make sure that no payments are made without the knowledge of the heads of the business. The processes also work as deterrents for those that think about indulging in foul play. The payment and finance processes work as a safety net for the money that is owned by the business, which is why the processes are important and should be integral to the working of the business.
Getting Business Funds: Working on getting external funds and capital for the business is a process that should not be taken lightly or ignored. It is important that you have your best people working towards gathering business finance so that you are able to make sure that you do not end up dried up and without budget for big changes that you may want to make to your business. Experts like David Luong of Perthare of the belief that you need to have a complete planning committee to make sure that you know exactly how you can add to the coffers of your business.
These are some of the most important factors in the running of your business and in safeguarding your business capital.SOURCE CREDIT:https://medium.com/@davidthienanhluong/david-thien-anh-luong-what-you-can-do-to-get-your-business-finances-in-order-3e08ccf6c7cb
