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Small Business Accounting: 5 Tips to Keep Your Company Finances Straight


Small Business Accounting: 5 Tips to Keep Your Company Finances Straight

December 2022

The Lanturn Team

Money is the lifeblood of your business. It is why business owners like yourself should ensure that your company’s finances are to avoid any issues in the future. 

Admittedly, this part is quite tricky at first. You would need to keep an eye on many things, and a lot of work is required to keep things running smoothly. We don’t blame you if you initially feel pretty lost regarding this. Even big companies with years of experience under their belt make simple mistakes. What’s important here is that businesses do whatever they can to get ahead of any issue first to stop these problems from cascading and becoming even bigger.

How can you manage your finances? Here are five ways you can do this:

1. Keep your business finances separate from your personal finances

Mixing your business finances with your personal finances can be a huge mistake. It may work for the first few months while you still process your corporate bank account. Still, it is always recommended to have at least a separate bank account for all business transactions to clarify what came from your company and what came from other sources. 

“Why would this be a problem? It’s my money anyway, right?” Technically, yes, but if you keep all your money in a single account, accounting can become tricky and cause problems somewhere along the line. Investing in good bookkeeping services can also be something you can look into, as this service does not only help you account for your money but also gives you advice on what to do to help keep your money where it should be.

2. Keep your financial data handy

Make sure that all your financial data and documents are ready whenever needed. It will help you with your annual compliance with the government and also help you create data-driven projections for potential partners and investors you want onboard.

Having them ready and prepared would also help you during the KYC process of investors during your fundraising round. Investors will be checking your company’s background and finances to see if everything is on the up and up. We have a full webinar that discusses what investors will look at during due diligence if you want to learn more about this.

3. Use Modern Financial Management Tools

Manual accounting is a thing of the past. It takes up more time and is more prone to human error. Investing in good accounting software to keep track of your finances can give you and your company some peace of mind when accounting day comes. The price of accounting software in Singapore does not come cheap, but if you account for the time saved and lightened workload, investing in one would make it worth every dollar.

4. Seek Advice from Fellow Business Owners

Never hesitate to ask more tenured business owners' advice. Their experience and wisdom is something that is priceless and could help you out in a pinch. They can also give you new perspectives on different issues that could help you in the long run.

If you don’t know other business owners, joining free webinars and fireside chats are some of the best ways to connect with CEOs and owners. Even if these events are primarily educational, they are an excellent way to socialise with people you wouldn’t usually see outside an office or in a professional setting.

5. Get the Help of a Professional

Availing of the services of a professional accounting firm or a financial service provider is one of the best ways to ensure that all your finances are in order. Their services may cost you some money, but usually, these firms have packages they can customise based on your company's needs and could be cheaper than availing their individual services. 

Getting the best outsourced Chief Financial Officer (CFO) can also be something you could look into, as they help spot issues with your company’s finances and offer solid solutions to help you generate more revenue. You can check out our article on how hiring a virtual CFO can help you during a downturn.

We’re Here to Help!

If you ever need help keeping track of your accounting or are looking to streamline your company’s accounting process, we at Lanturn are more than happy to be of service! Our services are paired with top-notch tech, sure to make quick and efficient work of all your accounting needs – giving you more time to do other things for your business. Stuff like payroll services, virtual accountants, and even a fund management platform can be yours to use when you avail of our services!

If you want to learn more about how we can help you, feel free to contact us. Our team will happily offer tailored solutions to your business needs. 

Still an up-and-coming business and need help with getting started? Why not launch with Lanturn today? We offer an excellent package that covers everything you need to get started, from getting incorporated to having a professional corporate secretary. 

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