As a business owner, you are expected to wear many hats. On top of looking after your actual business operations, you are also expected to stay on top of your business finances. Unfortunately, the latter could be a challenge if your business is growing and there is an expansive set of critical business numbers to crunch. Not to worry though, because you are not entirely helpless on the matter. In fact, there are a myriad of modern tools and processes to get you ahead - one of which is a business audit where you can look at the seven audit red flags. 

The reporting period for businesses in the US might not yet be near, but this surely is not an excuse to lie low on your efforts to keep your business financial documents on track. Anyone who has experienced the tedious tasks of going through a complex set of books knows that keeping financial statements in order - way before the deadline - is always the best way to go.

With globalization in our midst, it is almost impossible for businesses to exist without transacting with other businesses from other countries. New technologies and well-devised business and marketing strategies make such transactions convenient and consequently, more frequent. But equally important in such endeavors, of course, are the cash inflows and outflows involved in these business financial transactions. To explore this further, let us now go into the basics of foreign exchange accounting.

For individuals who do not belong to the business financial sector, it may be easy to assume that all financial statements are transparent. By transparent, the assumption is that the said financial documents are clear and filled with relevant and pertinent financial information.

“Don't tell me what you value, show me your budget, and I'll tell you what you value.” Or so says Joe Biden. If you look at budgeting closely, you will realise that this statement indeed rings a lot of truth in it. When we do our budget, we prioritise spending. And yes, as we exercise our discretion, it is inevitable that we focus on what we deem is most important.   But then again business organisations are complex and you may need to shift gears sooner than you think. When that time comes, how do you redo your existing budget?

Money is indisputably one of the strongest driving forces of a business. This rings true regardless of the size of the company, the industry it belongs to and even the country it operates in. This is why most business owners prioritise money management initiatives. When you have a healthy and reliable cash flow, you have better chances of keeping your business on solid ground for a longer period.   Unfortunately, not all business owners in the Uk know exactly how to manage their cashflow. As a result, business exit rates have gone up in recent years. Do not allow your very own enterprise to experience the same fate. Here are some of the more effective ways to manage your business finances: