Smaller companies and entrepreneurs always need to make sure they are on the right track with their finances. No matter what kind of business it is, new technology such as accounts receivable and debt collections software can be used to keep a business more aware and on top of their financial goals. Fox Business said companies should be making resolutions for the new year to continue to improve, including keeping more accurate financial records, which software can certainly help with.
“Maintaining accurate financial records is not only a good practice, it is also essential to those seeking business expansion funding in 2013,” the website said. “Sales revenues, tax statements and other financial records are proof of the soundness of your business. Financial institutions will base their decisions on such data. Further, lenders will want to examine this financial information in a timely manner; getting back to them slowly on a request might be an indication you are not up-to-date with your record-keeping.”
Keeping up with the past year’s receivables, collections and other financial records can help a company plan for what type of year they will have in 2013, Fox Business said.
Other financial resolutions the news source said could be helpful include:
- Be sure to pay taxes as quickly as possible to make sure everything is squared away
- Cut costs of capital by looking at which areas can be fixed to benefit the company
- Always use software and predictions to look into the future and see what may be in store for the business
Financial adviser Randy Flatt told the Memphis Business Journal that he has been using financial software for the past couple of years and it has been helpful in showing where there may be gaps in a client’s wealth. Even a program like debt collections software can help point out and help fix areas where a company is missing revenue.