​9 Free Things You Should Be Doing Now To Help Your Business 2020 Accounting & Finance

Things you can do in 2020 to help your business grow faster and more efficiently include better cashflow and seeking help from experts.

Most of the challenges in starting a business relate back to doing the little things right. Like any good coach has said at some point: The fundamentals get you to the top. If you are thinking of starting or already have a small business, make sure you follow these seven important rules for small businesses:

Number 1: Bookkeeping, Accounting, Compliance and Cashflow

  • Stop Flying Blind by routinely producing and reviewing monthly financial statements
  • Do not run your business based on how much money is available in the bank account
  • Review your Receivables, Payables and Inventory Reports
  • Get in line with an appropriate collection policy to make sure your cashflow isn't adversely affected
  • Work with your finance team so you're in compliance with all statutory rules and regulations
  • Prevent and stop getting unexpected bills with interest and penalties, which can adversely affect cashflows.
  • Create a monthly and annual cashflow plan
  • It is highly recommended to not use family and friends in bookkeeping because while they tend to have no upfront cost.In the long term, it will cost you dearly afterwards.

Number 2: A Data-based Organizational Culture

  • Meet with your team to review monthly business analytics at least once a month
  • Meet with key team members to formulate key performance indicators (KPIs).KPIs are like dashboards of your business and can provide a lot of information at a glance. MyBook has a team of expert that will build the most practical, dynamically data-updated dashboards
  • Understand your product and/or services margins

Number 3: Create a Board of Advisors

  • Construct a Board of Advisors which can:
  • Bring knowledge and expertise. It will enhance decision and strategic planning
  • A line of second sober thought – alternatives that may have been overlooked by insiders
  • Brings forth a network to open new business opportunities

Number 4: Computer Systems:

  • Build a series of useful, yet simple business computer systems
  • Computerized systems grow overtime.
  • As business grows, other systems are added such as timesheet software like Tick, T-Sheets; Inventory systems like Unleashed
  • Once the business outgrows the starter systems, hire a consultant who will review your systems and processes as well as be an independent advisor in choosing a CRM or ERP system.

Number 5: Mind Internal Controls

  • Internal controls ensure a level of trust and integrity in the business financial statements:
  • Trust and believe that numbers arriving into the financial statement are a true reflection of the business' performance
  • Have a level of understanding on the Return on Investment (ROI), which compares the level of capital expenditures and fixed assets to yield the return on investment
  • Reduce theft and safeguard assets
  • Reduce opportunity for employee mistakes
  • Reduce risk of employee collusion
  • Enhance employee accountability

Number 6: Strategic Planning

  • Strategic planning is the act of planning for the future
  • Identify areas of quick wins
  • Equally important are to plan for where the business will be in 2,3 and 5 years.10 years is difficult to plan because the world changes. Planning far ahead makes business processes rigid vs fast pace of technological and market adjustments.
  • A succession plan

Number 7: Quality Assurance (QA)

  • Create and foster a culture where continual improvement to improve products, services, or processes is easy and natural throughout the organization
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