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3 ways to improve your financial management in 2018

If one of your business New Year’s resolutions is to improve your financial management, then it’s time to start thinking about exactly how you’re going to achieve it. However well organised or thorough you may be, there’s always room to refine processes for better results – and starting 2018 as you mean to go on could leave you with even more positive outcomes to reflect on this time next year. For many SMEs, the key to improving financial management in their organisation is all about having the right systems and the ability to accurately analyse the figures. Here are my tips for things you could do differently – or better – next year...

Budgeting to set up for success in 2018

s we approach the end of the year (where does the time go?!) it’s a great time to start planning your business budget ready for the next one. Setting up a budgeting process allows you to keep an eye on your finances, set your annual objectives and understand your current and future financial commitments – all essentials for any SME.

A few tips for building an effective finance team

When your business is first starting out, accounting tasks may initially be conducted by your core staff, with managers or even general office staff taking the reins of your day-to-day financial responsibilities. However, as your business grows and your accounts get more complicated, you’ll soon find that you need to employ skilled staff to deal with these matters – but where do you start?

Reducing business overheads to improve financial performance

While providing a good service and becoming an established leader in your field are common objectives for many SMEs, it’s fair to say that we’re all driven by a desire to succeed in terms of financial stability and growth too.

How attending a finance course can have a big benefit for your business

As a business owner or manager, it quite literally pays to be on top of your finances – but when your skill set lies in other areas, what’s the best way to bring your knowledge up to scratch? While you may not feel you have time to invest in any long-term, ongoing commitment, there are some fantastic one-day financial training courses around that will arm you with all the information you need to make better decisions and understand the underlying principles of good financial management. By getting to grips with the basics, you’ll be able to keep a closer and keener eye on many elements of your business finances, and have more informed conversations with colleagues, staff and associates.

5 ways a freelance finance director can add value to your SME

You may not have considered hiring a financial director, or perhaps you have, but decided that you can’t justify the additional outlay until your business reaches a certain size. However, as with any business decision it’s a question of balance, and when you weigh up the cost of a financial director versus the tangible benefits they can bring your SME, it might make you reconsider your position.

Key roles & responsibilities of a finance director

There's often a little confusion surrounding the role of a financial director – especially because it's so easy to get this function mixed up with other financial and accounting roles. In a previous blog I explained a little about the different types of accountant , but this time I want to focus on the part a financial director should play in your company's growth journey.

5 ways to improve financial efficiency

In any SME, accounting and financial administration can swallow up a lot of time. Even if you have your own in-house accounting department, there are so many processes to manage that unless you find the most efficient ways to work, you can soon end up with a backlog – which in turn can put you at risk of non-compliance with your financial reporting .

Are all accountants the same?

If you're an SME, you'll probably consider outsourcing your financial management to an accountant sooner rather than later – or employing one in-house if business activity warrants the salary. However, not all accountants have the same skills, so it’s helpful to be aware of the different types and what they're qualified and able to help you with.

My 5 favourite features of Xero accounting software

As the UK’s leading accounting software for SMEs, I recommend Xero to many of my clients who are looking for a sophisticated yet easy-to-use solution for keeping track of their business finances. Of course there are plenty of alternatives out there, but Xero offers a comprehensive accounts management tool that you can use from your office or home computer, or any internet enabled device, such as a tablet or smartphone. However, that’s just one of the great benefits that Xero offers – let’s take a look at some of its other great features and functions...

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