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Five great business finance tips

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As you focus on your business finance needs it is important to know what things are important to look at. You must involve yourself with several different things in order to see profits for the company and to really manage your business finances properly. Here are five great business finance tips that will help you to manage your company correctly.

Tip # 1 - Proper Bookkeeping
One of the first things you need to focus on is your books. You need to manage your books effectively in order to avoid problems with your bottom line. Bookkeeping is easier to deal with now thanks to the various software programs that are available work with and you will be able to find a way to really manage your books and avoid problems. Proper bookkeeping programs not only allow you to manage your bottom line they will also be able to help you out with some other things as well like payroll. Quality programs like QuickBooks will allow you to manage your invoices correctly so you can avoid mistakes and to ensure you are able to get payments on time from your customers and other things. Your books are one of the most important things that you will need to pay attention to and it is vital that you focus on operating them correctly to maintain a strong small business.

Tip # 2 - Collection of Accounts Receivables
Now that you are in control of your books you need to gain control over your cash flow. One of the easier ways in which you can control your cash flow is by working on your accounts receivables. When you extend credit to your customers it can often be a hassle to get them to pay you on time. You need to focus on proper collection of the money you are lending to them or it will end up tying up your cash reserves, making it very challenging for you to be able to expand the company or just to pay off other things for the company. Give your customers several different payment options to work with in order to finally get a chance to collect the money you need.

Tip # 3 - Focus on Accounts Payables
It is also important that you focus on your accounts payables in order to get the right relationships built up with them. Accounts payables need to be extended if you are struggling to get your customers to pay you on time as you have to get more time available in order to pay your payables. Your accounts payables need to be properly managed as well or you will end up with bad relationships with vendors. Since the vendors are in charge of supplying you with raw goods and things that you need to manage your business, you really need to focus on getting them timely payments and managing your relationships with them.

Tip # 4 - Proper Contracts
When it comes to securing financing for your company you do need to focus on the contracts that you sign. Make sure you are negotiating with your lenders to get the right interest rate and information for your organization. You need to do what you can to save money and to really improve your organization's financial health.

Tip # 5 - Back-up Funding Sources
There are going to be times when you need money and banks won't offer it. It is important that you have some back-up funding sources available. You need business credit cards and other options in order to improve your cash flow from time to time and to have something to fall back on in the event of an emergency.

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