When Do You Need Help With Your Business Finances?

Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. In addition to having a marketable and profitable idea, another major part of your business is managing its finances. It may not always be easy to do by yourself. The following contributed post is entitled, When Do You Need Help With Your Business Finances?

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Every business owner needs to have some money sense. It’s crucial to ensure that you’re not making decisions that hurt your business’s survivability. However, that doesn’t mean that you need to be making every single financial decision by yourself, nor to completely understand every bit of the complex economic underpinnings of modern business. Sometimes, it’s okay to ask for a little help. In fact, it’s recommended. But, when should you do it? Here are a few examples of when to consider it.

Pic – Pixabay License

When it ensures that you get paid

What could be more vital to the financial health of the business than to make sure that you’re getting the money that you’re owed? Depending on how you get paid by your customers or clients, almost every business could benefit from some kind of payment service. This might mean setting up a merchant account to ensure that you’re able to accept certain kinds of payments. If you get paid by invoices, then you should look at invoice software that can help you track the incoming payments across all of your clients, including the ability to automate reminders for those whose payment date is coming up very soon or those who are late. A lot of business owners let their clients go for too long without giving them the pay that they should be getting.

When it comes to your taxes

Every business has to pay taxes and the vast majority of them are leaving money on the table by not being as thorough as they could be. An effective tax plan could see you saving a lot of money through allowance and deductions that you might not know to take advantage of. As such, you should ensure that you make use of taxation services in the lead-up to tax season. Not only can you make sure that the taxman isn’t taking more than they should, but you can also make sure that you’re avoiding any red flags that could trigger an audit, putting you under the microscope and disrupting your ability to work.

When you don’t have enough time to do it all yourself

You need to stay on top of and manage your small business finances. However, that can be easier said than done when you’re running a growing business and having to wear a host of hats to make sure that everything gets done to standard. If that’s the case, you might want to consider hiring a bookkeeper. Bookkeepers don’t really do anything that a business owner couldn’t, they just allow you to free up your time so that you don’t have to worry about it as much. It’s much better than letting your record-keeping, cash flow tracking, and other vital financial tasks go to the wayside.

Simply put, getting help with your business finances is always better than being unable to manage something related to them. Whether it’s something outside of your expertise or you simply don’t have the time to go over the books all of the time, there’s nothing wrong with getting some help.

Author: anwaryusef

Anwar Y. Dunbar is a Regulatory Scientist. Being a naturally curious person, he is also a student of all things. He earned his Ph.D. in Pharmacology from the University of Michigan and his Bachelor’s Degree in General Biology from Johnson C. Smith University (JCSU). Prior to starting the Big Words Blog Site, Anwar published and contributed to numerous research articles in competitive scientific journals reporting on his research from graduate school and postdoctoral years. After falling in love with writing, he contributed to the now defunct Examiner.com, and the Edvocate where he regularly wrote about: Education-related stories/topics, Science, Technology, Engineering and Mathematics (STEM), Financial Literacy; as well as conducted interviews with notable individuals such as actor and author Hill Harper. Having many influences, one of his most notable heroes is author, intellectual and speaker, Malcolm Gladwell, author of books including Outliers and David and Goliath. Anwar has his hands in many, many activities. In addition to writing, Anwar actively mentors youth, works to spread awareness of STEM careers, serves on the Board of Directors of the Friends of the David M. Brown Arlington Planetarium, serves as Treasurer for the JCSU Washington, DC Alumni Chapter, and is active in the Dave Ramsey Financial Peace Ministry at the Alfred Street Baptist Church. He also tutors in the subjects of biology, chemistry and physics. Along with his multi-talented older brother Amahl Dunbar (designer of the Big Words logos, inventor and a plethora of other things), Anwar is a “Fanboy” and really enjoys Science-Fiction and Superhero movies including but not restricted to Captain America Civil War, Batman vs. Superman: Dawn of Justice, and Prometheus. He is a proud native of Buffalo, NY.

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