By Peter Trimm (Product Manager, Sage One Accounts).
Whether you are already running your own business or feel inspired to start something new in 2013, getting a grip on the management of your business finances will be key to your success.
As an ex-accountant, I do tend to put the control aspects of a business management first, but unfortunately I have seen a lot of new businesses fail, not through lack of ideas, creativitity and entrepreneurial spirit, but from lack of control and insight into their financial side.
Cashflow management, VAT, understanding what products and services provide you with the greatest returns and management around who owes you money may sound like obvious things small business owners should be worrying about, but if these areas are left unattended they can leave businesses exposed to risks.
Mitigate these risks by making sure you know and understand who you are extending credit to, that your VAT return is up to date and you are in control of your costs. Keeping accurate up to date accounting information and acting upon it will provide you with the control you need, so that you can build your business on a solid footing.
Our cloud-based Sage One Cashbook and Accounts software has been designed to make it quick, simple and easy for everyone to keep an eye on their finances so if one of your New Year’s Resolutions is to manage your business better, I’d like to encourage you to start your free 30 day trial today.
I am continually amazed and in awe of all small businesses that are the life blood of the UK economy and am proud of the small part that I and Sage One UK team plays in this.
Good luck to you all in the new year!