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5 Small Business Finance Tips Entrepreneurs Need to Know

9 May
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As experienced accountants in Watford, Dua & Co know a thing or two about finance, and we want to share our knowledge and expertise with you. Find out our top finance tips for turning your small business into a big success.

Cloud Computing Solutions

One of the ways you can keep your finance management ahead of the curve is by embracing new technology. Using cloud technology forfinance management is a low-cost way of organising your money that doesn’t require hiring more people you don’t need. Cloud-based financial management systems are now more accessible, user-friendly and widely available than ever before, placing them within easy grasp of any business – no matter how small.

Diversify

For a lot of small business, it can be difficult to see the benefits of diversifying your funds. Surely diverting money away from your main venture isn’t a smart use of your money? But having alternative sources of finance can leave you with reliable options to fall back on in hard times, or to cover you during rough patches in the market. Allocating funds into a side business or investing wisely can act as sort of rainy day fund, ready to be dipped into when the chips are down.

Consider Going Paperless

Consider phasing out those enormous stacks of forms and receipts filling your office and transfer to paperless record keeping. You’ll be amazed at the sheer amount of time and space that was being wasted in managing and storing endless paper records. Paperless record keeping can also act as an indicator to clients and other businesses that you have a modern and efficient approach to your work – making you the ideal cutting-edge company for them to be dealing with.

Risk Assessments

Carrying out risk assessments for every single decision and action you make can seem like a tedious or unnecessary formality. But the truth is that there really is no such thing as being too cautious when it comes to making major financial decisions. Markets and the global economy can change in an instant and you don’t want to be caught out or left behind. Carefully assessing the various risk factors you may face will help you to deal with change as smoothly and effortlessly as possible.

Hire an Expert

As the leader of your small business, people are looking to you to provide guidance and make the right decisions – but no one can be an expert in everything. Be prepared and willing to delegate and to seek out expert help.You might think that retaining a permanent accountant is a waste of money and resources, but the range of advice and guidance they can give your company is likely to end up saving money in the long term.

Dua & Co can offer you supportin every aspect of finance management. Our experienced accountants work with you to grow your business.

Get in touch to find out how Dua & Co can help your business on its journey to success.

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CONTACT US

Dua & Co (Watford)

3 Century Court, Tolpits Lane Watford, WD18 9RS

+44 (0)20 8421 3555

Dua & Co (London)

25 North Row London, W1K 6DJ

+44 (0)20 7979 2041

Dua & Co (City)

9 Devonshire Square London EC2M 4YF

+44 (0)20 3356 9706

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Dua & Co. Limited trading as Dua & Co Chartered Accountants.

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DIVERSITY AND INCLUSIVENESS

As a business, we have been clear in our commitment to Diversity and Inclusiveness. An important part of this is understanding the 'mix' of our people and measuring progress towards the goals that we have set ourselves. We can share our approach to employee monitoring, together with some statistics showing the make-up of our business. To obtain these please email us at dua@dua.co.uk