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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.
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?
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.
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.
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.
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.
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 .
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.
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...
When you’re looking for a way to improve your SME’s financial management, you essentially have two options: employ someone in an internal role (full or part time), or outsource the task to an external specialist.... Here’s a quick list of some of the key benefits of using an external financial management provider...
