*Guest post by Emily Graham
For women of a certain age who are small business owners feeling overwhelmed and 
struggling to keep afloat, here are some financial management tips to help you stay on top of your business finances. By taking a few simple steps, you can get your business back on track and start seeing results. So read on for some helpful advice from thisisyourbestyear that will put you in control of your company’s financial future.
Receive Payments Efficiently
One of the most important things any business owner can do is make it easy for customers to pay. This means accepting payments online and via credit cards, as well as cash or checks if need be. If customers have trouble paying quickly and easily, they may not come back in the future.
Luckily, with e-commerce, there are platforms you can use that streamline the process for customers, enabling them to have a positive experience that will result in higher satisfaction and better word-of-mouth advertising, not to mention more customers returning to do business with you in the future.
Employ an Accountant
Having a dedicated accountant – whether in-house or outsourced – can help you manage your finances more effectively and efficiently. An accountant can provide expert advice on taxes, investments, and other areas of finance that are important for any small business owner.
Make Sure You Have the Best Accounting Software
One of the best ways to streamline your accounting process is by investing in better accounting software. Good software will track all your sales, invoices, payments, expenses, accounts payable/receivable, payroll information and much more – all in one place! This makes it much easier for you to keep track of your finances without having to worry about manually entering data into spreadsheets or dealing with paper files.
Track Sales and Invoicing Carefully
It’s important to keep track of all sales and invoicing activity so you don’t miss out on money due from customers. Make sure you’re tracking when invoices are sent out as well as when they’re paid so that you know exactly how much money is owed at any given time.
Keep Track of Credit Card Processing and Charges
Another essential part of managing finances is keeping tabs on credit card processing
fees and chargebacks (when a customer reverses a transaction). These fees can add up quickly if they’re not monitored carefully! Be sure to check with your credit card processor regularly to ensure these fees aren’t becoming too high – or look into alternative payment methods like PayPal or Stripe if necessary.
Find Ways To Save On Shipping
Shipping costs can add up over time, so look into ways to save money here. Consider using flat-rate shipping boxes or regional carriers instead of national ones; this could save you a lot of money over time! You may also want to look into bulk discounts from certain carriers if you ship often enough. This could end up saving you quite a bit in the long run.
Switch To An LLC Designation
Depending on what type of business entity you have (sole proprietorship vs LLC vs S Corp), tax implications may affect how much money you pay each year in taxes. For example, changing from a sole proprietorship designation to an LLC (limited liability company) designation could save thousands per year in taxes alone!
Establish Financial Goals
Finally, it’s important to establish financial goals for yourself and your business so that you have something tangible to work towards each month or year. This could be something like increasing total revenue by 10% annually or cutting costs by 15%. Setting goals gives you a plan of action to track overtime progress easily. Having goals in mind will help you stay focused on your finances and make it much easier to manage your money effectively. It’s a good idea to write out these goals and save them as a PDF so you can better communicate them to your team and any investors. If you need to separate your PDF into different pages for different audiences and you’re looking for a tool to help you do so, here’s a free one to help with searching.
Although financial management can be difficult, it is important for the success of your business. Many resources are available to help you learn about financial management and make sound decisions for your business. If you are struggling with financial management, don’t hesitate to ask for help. The small business community is full of people happy to share their knowledge and support other entrepreneurs. What have been some of your biggest challenges when it comes to financial management?
This is Your Best Year is a blog for empowering and informing women of a certain age. Questions? Don’t hesitate to reach out!
*Emily Graham is the creator of Mighty Moms. She believes being a mom is one of the hardest jobs and wanted to create a support system for moms from all walks of life. On her site, she offers a wide range of info tailored for busy moms — from reducing stress to creative ways to spend time together as a family.
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