There are several factors that determine the failure or success of an SME during its first year of life.
Many small and medium businesses close in the first months of their journey due to lack of adequate planning in the areas related to commercial or financial management.
Both in the launch and in the expansion stage, the managers should bear in mind that their survival depends to a large extent on the effectiveness and control of all accounting.
To avoid the lack of accounting experience which might end your business, we offer you a series of tips from experienced accountants in central London that will allow you to keep your SME afloat after its first year.
7 Essential accounting strategies for SMEs
The control of income and expenses, billing or any other issue related to the finances of your company should become a priority from the moment you open the doors of your business. If you want to achieve economic efficiency, read these tips carefully.
- Improve your collection system
One of the ways to improve the collection system is to offer your customers incentives, such as discounts, for making payments in advance.
If the main problem of your company is that your customers are late with payments, choose to establish penalties such as interest for arrears.
- Daily record of capital movements
In any business, it is necessary to know its liquidity at all times. The best way to know this information is to make a daily record of capital movements. If your accounting books are not up to date, it will be more difficult to establish control over the finances of your company.
To know if your financial plan is being fulfilled you will have to compare the status of your accounts in different periods of time. This way you …
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Word of mouth advertising and marketing is the only sort of selling you need in your business. In business, …
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You may faucet into this big market by …
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Selecting a business name is a activity that shouldn’t …
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