Here we go! Day 5 of Small Business Week. Are you ready for a workout? Grab your dumbells and stretch your muscles as we rattle off the takeaways from the "Getting Your Business Financially Fit webinar. Ok, maybe you really don't need dumbells. Though it may not be a true physical workout, we were mentally exhausted after completing the webinar. The speaker John Shapiro, Director of Product Management in the Payments department of Intuit Quickbooks, gave valuable information to help your business establish and maintain a healthy financial status.
- Organize: John suggests starting by picking a financial management system to track and manage your business. Quickbooks is a good system to use, or develop your own method/system. The important thing is to constantly maintain it and keep it current.
- Automate: Automate, automate, automate! The importance of this was heavily stressed. Get paid electronically, send invoices electronically, enable online payment, connect your financial management system to your banking account, and utilize mobile apps as much as possible. This makes things quicker, smoother, and reduces your work load.
- Develop Insight: Create reports such as Income Statements/Profit & Loss Statements and Balance Sheets. Review these reports on a regular basis to see where your businesses strengths and weaknesses are and make adjustments accordingly.
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