Organization is the key to success, the following tips are designed to help you build a better, stronger business that will profit you in every fiscal year. While some of the tips may seem to be common sense, employing them saves you time and money.
1. File All Your Bills (To Be Paid) in one spot — more problems are caused by a misplaced bill than anything else. Whether you accrue late fees, slow pays or failure to pay can really affect your credit rating and your business credibility. You have to pay your bills in a timely fashion.
2. Pay your bills on time – As stated above, by failing to pay your bills on time you can damage your credit rating and your credibility. Also, be aware especially when you need supplies to perform your business that when you don’t pay your bills, you may find that your supply is going to dry up.
3. Verify your bills – Whether you pay with credit card, checks or money orders, it’s important to know what you are paying for. You don’t want unwarranted charges being added nor should you have your interest rates changed without notification. A little verification of your bills goes a long way towards saving moeny.
4. Banks, credit cards, online bill pay and much more allow you to automate some of your standard bills. Rather than worrying about writing a check every month especially for bills that will have the same standard fee, set up an automatic pay. If you use a program to keep track of your finances, most offer the option to put in monthly standard payments and method of pay. By making a bill automatically paid you can cover tips 1 and 2 without thinking about it.
5. Manage your finances with software programs like Quicken and much more. Computer accountants are wonderful for drawing up the bottom line. Whether you need to print out a monthly financial statement or provide accurate details of costs versus profit or tax dollars, a software program can make the process far more painless than trying to track each detail on paper.