Don’t bury your head in the sand when it comes to business finances
You can use your phone for more than just Facebook (!) when it comes to managing your finances it can be a useful tool too…
Setting up alerts is how you avoid late fees and bank overdrafts.
If you (or someone in your team) are not regularly all over the finances and movement of cash in your business then set up alerts on your phone (or if someone else is doing that numbers role, this is for them).
For every ongoing bill, set up an alert reminder at least five days before it is due.
Set up alerts to tell you when your bank balance is low.
Set yourself up so that you get a full financial picture of your business regularly (you can even have a dashboard set up that you can view on your phone which has the key numbers you need to looking at).
Now it might not be a picture you want to be staring at right now…your business might not be delivering you the money you want at the moment – but ignoring it will not change that – it will just mean increased bank charges!
Thanks ever so much for taking the time to read my post I truly hope you’ve found it useful and insightful. If you have any questions feel free to contact us!
I am Annette Ferguson, CEO of Annette & Co. Chartered Accountant, Profit First Professional and creator of the Business Wealth Engine. We’re also SUPER social so don’t forget to follow. Here’s to your success!