It's difficult to deny the importance of properly managing your company's money. A study by CBInsights revealed that 38% of new enterprises fail because of a lack of capital and the inability to acquire further funding.
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The finance hire is usually one of the first that many entrepreneurs will make. In order to grow the business, accurate, timely and well-managed accounts are a great contributor. In the beginning, though, most entrepreneurs are likely to try to take this responsibility on their own shoulders to save money.
Some areas businesses critically need to focus on are: Managing cash, Developing a data-driven work culture, Engaging in Lean Planning, Developing a strategy for recruiting and retaining talent as well as Networking and marketing products and services.
There are a number of very good reasons why you might be thinking of outsourcing your finance department or certain functions within your finance department, some are: 1) Want to free up time for self, 2) Tired of doing everything yourself, 3) Not able to hire someone full time, 4) Don’t want to hire someone on a payroll, 5) Need more expert financial analysis for growth, 6) Want someone who can provide future focused forecasting and 7) Help you with cost savings, investing better and make more informed decisions.
If you will not value your own time, who will? Staying in charge of a growing business also means you never let go of the hawk-eyed perspective of growth. Staying on top of how each department is effectively growing is essential for any entrepreneur. Will it be easy and quick for you to spot where you can you save costs and how you can optimise your business processes to save more money?
Running a start-up, small- or a medium-sized business is a lot of hard work. You are bound to be caught up in a multitude of business processes which can make it tough to focus on the core vision of your company. A key mistake most entrepreneurs make is not asking for help on time. Delegating certain jobs offer key advantages to you and your growing team.
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An effective way to focus on growing your software/technology business is to turn over your company’s finance functions to a trusted outsourcing partner at a reduced cost. A virtual finance department might be the most important step you take in cutting down costs in your business. Outsourced finance departments can supply companies with a higher quality and quantity of work at less of the cost.
Budgeting is a process that helps you predict your income and expenses during a set period of time. A detailed budgeting process allows you to analyse your whole business into parts and their respective functionality. Technology/software businesses specifically run a risk of cost-overrun in a few areas if not properly researched in detail.
Financial statements record everything that happened during a certain time period and enables owners to analyse the financial health of their organisation as well as the internal and external processes of the company. Let us look at how financial statements can be key to a company’s growth.