Simple Methods to Keep Money in Your Business

by on September 27, 2012

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Small business owners generally wear multiple hats. Faced with the challenge of limited time and funds, many small businesses make the common and costly mistake of not setting up general operation protocols and procedures. Below are some ideas which will not only help improve productivity of your small business, but save time and money in the long run.

Track Your Employees Time

Utilize timesheets, expense reports, vacation tracking, and even project management spreadsheets to keep track of what your employees are working on and how they are spending their time. This type of information can be used to not only gauge productivity, but also identify employees who go above and beyond.

Keep a Timely Account of Budgets

Be sure to create an overall company budget as well as budgets for each department. Track spending, earnings and sales goals on a regular basis. Staying on top of your cash flow can give you a relatively accurate idea of where you are and if need to make any adjustments. And, you’re accountant will be pleased!

Develop a Process for Invoicing

Healthy cash flow is essential. It’s easy for a small business to get busy and delay invoicing, which can dwindle cash flow. Developing an effective and streamlined invoicing process will ensure customers are billed in a timely manner and help you and/or your finance staff stay on top of accounts receivable.

Establishing a few simple protocols can help ensure your business is operating in an efficient and cost-effective manner. It may take some time to develop in the front end, but once the procedures are in place, your company will realize the time and cost-savings almost immediately. Vertex42.com contains a number of useful tools to help get you started, including ready to use timesheet, budgeting, invoicing, vacation accrual, expense report and project management templates.

About the Author

Gina Smith writes freelance articles for magazines, online outlets and publications on behalf of a number of companies, including Global Response. Smith covers the latest topics in the business, golf, tourism, technology and entertainment industries.

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{ 3 comments… read them below or add one }

Sandy Kleinhenz February 1, 2013 at 5:23 pm

I love your home-mortgage calculator. I’ve been a loan officer for over 10 years and this is priceless for my customers when I’m doing a loan comparison of what they have now vs. a refinance.
Is there a way to put a header on it so we can customize with clients name:
“Prepared for xxx”

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Jon Wittwer February 1, 2013 at 5:39 pm

Hello Sandy, to obtain the right to use the home mortgage calculator commercially such as in your case, you may purchase the Loan Amortization Schedule – the commercial-use version of the home mortgage calculator is included as one of the bonus spreadsheets. It has a section at the top for listing the borrower name and the loan provider info. You could customize it to say “Prepared by …”

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James Archer January 10, 2014 at 8:34 pm

Dear Management /Staff of Vertex
I cannot say enough in praise of Vertex, so I tell all my contacts about the company and how great these small/large business invoice and other templates are. I am 67 year old senior citizen the owner of a small one man electrical business, living on a small Gov. pension, supplementing my income doing small odd electrical jobs most others pass up when I am up to it.
So, Vertex has been of great assistance to me in this regard. I just cannot afford the high cost of paper and custom development of these templates necessary to conform to the local laws. Thank you so very much Vertex for all your help. I will continue to verbally give Vertex the praise they deserve, to all those I meet.

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