Many entrepreneurs are obsessed with their main objective: the sale of products or services. Everything that comes with him … is often less fun, even though it is part of the work. Money administration is one of those things that many entrepreneurs do not like especially. Do not be misunderstood: everyone likes to make money and see that the bills pay. But make sure you have your numbers in order when taxes come or hunt for debtors that do not pay is less fun. In this article we give three tips to facilitate the administration of money.
1. Get a good accountant with experience in the technology industry
It may think that “the counters are expensive, I will do it myself!” And that is obviously your right. But counters have access to the best programs so they can make taxes much faster than you can. Why would you spend hours trying to order your paperwork … when you could outsource this to someone else who totally knows what (s) is doing?
In addition, a good accountant can let him know if he is spending too much, if the debtors are late in the payment of their invoices, or if they do not pay them at all.
2. Make sure your invoices are paid on time
It is not fun if your accountant tells you that you have one or multiple unpaid invoices. Liquidity is very important and you must also pay your bills! That is why it is a good idea to have a reliable debt collection agency (Dutch: annoying) In the fast sphere. They can locate their debtors and even discover who hides behind the difficult corporate structures. A debt collection agency always knows what to do in each situation. They could send a sheriff, they can be declared in bankruptcy of their debtor, they can request that they seize their debtor’s assets (Dutch: Beslagling) …
Working in close collaboration with a reliable debt collection agency can help both your business. He does not have the stress of having to hunt your debtors yourself and knows that the agencies go to the limit to recover their money. Be sure not to waste time when you notice that your invoices are ignored: if the collection agency of another entrepreneur files in bankruptcy for your debtor, it could be the last in the line to pay you!
3. Know how much money you need to save for the future
Everyone loves to make money. Just be sure to save enough for when you have to pay your taxes (fortunately your accountant can help you with that!), But also be sure to save for your long -term objectives.
Many young companies fail because there is no good business plan. If you have a solid business plan, you know how much money you need to win to expand and move to a different place or hire new employees. Be sure to have written your goals and always save a lot so you can survive a difficult patch, in case something happens! For example: Pandemia had a great impact on many companies, so it is good to have some money saved for emergencies.
Good luck with your business!
#Money #administration #technological #entrepreneur #tips
