How To Stay On Top Of Your Business Finances – Even When You Feel Out Of Control

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Starting your own business is a steep learning curve, and if you are going to survive, you need to learn a lot of new skills very quickly.   Finance is the one area that people struggle with most because it’s entirely different to managing your personal finances. Here, we share some tips to help you keep on top of things, even when they feel like they are spiralling out of control.

Get Some Accounting Software

Even if you know the basics of accounting, keeping track of all of your spending and income is an enormous task. Fortunately,  there are plenty of great pieces of cloud accounting software out there that make life a lot more straightforward. Organization is key when you’re managing your money, especially when it comes to doing taxes. You don’t want to spend hours searching for invoices that are saved all over the place on various computers and devices, so look for one that can keep all of this vital information together and keep track of your income and spending.

Cut Your Spending

The easiest way to lose control of finances is to spend more than is coming in. Eventually, cash reserves will run out, you’ll no longer be able to cover your overheads, and before you know it, your business has gone down the drain. The obvious solution is to bring in more revenue, but that won’t happen overnight. Cutting your spending is something that isn’t always easy, but essential if your cash reserve is running low. Wherever you look, you can reduce some expenses, even by a small amount. Look at all the programs and subscriptions you use – can any of them be abandoned? Are you paying for any equipment that no longer benefits your business? If so, get rid!

Iryna Tysiak

Separate Personal And Business Finances

It is vital to keep your personal money separate from your business money. Not doing this is a prevalent mistake that can lead to all sorts of errors happening in terms of cash flow and staying on top of things.  Before you know it, you’re spending your businesses money on personal things and vice versa, and end up getting into a mess. It also makes bookkeeping and organising your tax return a lot more straightforward.

Chase Up Invoices

Unfortunately, many businesses have to spend a significant amount of time chasing up unpaid invoices. If you have made a lot of sales, but the money isn’t in your account, it’s more than likely down to customer not paying their invoices on time. While the majority of them will (hopefully!) pay on time, there are always some that will do anything that they can to avoid it. Keep on top of invoices by making the amount they owe and the date they need to be paid by clear and chase up as soon as they become overdue. Don’t be afraid of adding on late payment charges if appropriate.

By following these basic steps, you can learn to manage your finances properly and make sure that your business survives in the long term.

25 Content Ideas For Your Email Newsletter

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As bloggers and businesses, an email newsletter is a great resource and something everyone should have. The problem I have is that I struggle to know exactly what to write in the newsletter to keep readers interested. I have plenty of ideas for my sites but newsletters leave me confused – I just never know what to put.

Campaign Monitor have handily created an infographic which gives you 25 content ideas for your email newsletter so you are never lost for words. This is especially handy for someone like me – it means I will always have something fresh to talk about. What do you like to talk about in your email newsletters? Do you use any of these content ideas?

A newsletter is so important for a brand – and for us as bloggers too. It is a great way to get information about you to your readers, your consumers and to your customers and research has found that many more people prefer to get updates via an email newsletter rather than in real time via social media. Why wouldn’t you want to ensure your email newsletter contains content people definitely want to read?

25 Content Ideas for Your Email Newsletter - Infographic by Campaign Monitor

Source: 25 Content Ideas for Your Email Newsletter by Campaign Monitor

Have you used any of these content ideas in the past? I totally agree with the fact that newsletters should be more than just news, don’t you? I also like the idea of introducing your newsletter readers to the wider community – I think this is a great idea.

Do you use an email newsletter for your blog or business? Will you be trying any of these content ideas?

Using Your Vehicle In Your Home Business

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Your vehicle is very important to the kind of business you run, and it means you’ve got a reliable form of transport for meetings and events and even deliveries, if you run them yourself. And because of that, you’re going to have to factor your car or van into your business expenses – there’s quite a few rules around using a home vehicle to conduct business matters, and you won’t want to accidentally ignore any of them.

So with that idea in mind, let’s think about how you can use your vehicle in your home business, and what kinds of regulations you’ll have to abide by to operate as effectively as possible. Even home businesses have a lot of shipping and transporting to get on with. 

Norbert Kundrak
At the Least, You’ll Need the Right Insurance

Insurance is something you’ll always need to operate a vehicle on the road, there’s no getting around that fact. But the domestic insurance you currently have out on your car might not be the right type to keep you safe when you’re operating in a professional capacity – this is an idea you need to look into as soon as you’re able to.

You might need to look into taking out another policy, one that covers all commercial content you’re involved in. There’s even insurance providers out there that accomodate for these needs specifically, so sites like One Sure Insurance might be worth a look. You’ll want a policy that covers you in case of theft or damages whilst you have business assets in your vehicle, and can easily cover another driver if you hire on other people in your home business as well.

Can You Really Deduct That Expense?

Deducting expenses is something we all look forward to doing when it comes to filing a tax return, if you look forward to something like that at all! And because of that, we’re eager to break all our past year receipts out and tap their numbers in to get as much cash back as possible. But when it comes down to a process like this, are you sure the expenses you’re looking to claim for are really ones that can be deducted from the tax you owe?

Any time you used your vehicle for business driving purposes is something you can claim back on, as long as this travel isn’t just back and forth between your home and a common place of work you often head out to. There might also be a money limit on your mileage amount, but you can find out the AMAP rates right here if you need more information on them.

Your vehicle is a crucial part of your business, and that means you need to know the ins and outs of paying for and operating within it whilst you’re going about your working day. It can be hard to get to grips with, but after even just a single year of using your vehicle for commercial purposes, you should be just fine.