Improving Confidence in Small Business Finances

Are you confident in the financial management processes of your small business? Is your accountant?

These are important questions because the management of small business finances is vastly improved when all team members properly understand the processes they’re using. That’s especially true when new technology or software is introduced.

It’s only when your team is confident that you have the freedom to make smart business decisions without that nagging fear that errors could be made.

Here are some tips to help you improve confidence at all stages of the financial management process in your small business.

How to improve confidence within a small business

Have clear structures and processes in place so each team member knows precisely what their responsibilities are. Provide proper training to new employees so they’re doing everything the right way from day one.

It’s also vital to pick the right software in the first place. To small business owners, knowledge is power. When shopping around for new financial management software, the more you can equip yourself with research, education and information, the more confident you will be that the software actually serves your needs. A small business owner needs to be confident the cost of the software is outweighed by the benefits to the company — so do your due diligence.

If you are introducing new software, then it’s crucial to train your team appropriately. Small business owners and their bookkeepers need to feel confident when using the software.

Customers want to be confident their money and details are safe

In any exchange of money for goods or services, customers want confidence that their payments are being processed in a reliable and meticulous way.

Without confidence in the firm’s ability to adequately handle payments, invoicing and receipts, customers are unlikely to want to continue a relationship with your business.

Have secure processes in place and demonstrate professionalism in those processes. Make transactions as easy and efficient as possible.

Transparency about financial systems and protocols between a business and a customer can go a long way to starting a relationship off on the right foot. Choosing the right software can be key to getting this right.

How accountants can help a client feel confident

Accountants want their clients to feel confident that their service is worth the fee. Beyond building close working relationships with clients and being friendly, communicative and efficient, accountants can also improve this confidence by adding services that clients might consider “over and above” what they’re used to. For example, in the past you might have focused largely on taxes and budgets; you could bolt on cash flow forecasting and growth planning. It shows the client you’re interested and invested in their success — which, in turn, will make them feel confident they’re doing business with the right accountant.

How to build a confident team

Confidence within your team is best achieved by having a clear and unified approach to financial management. Your whole team must commit to using an agreed upon, researched system. Train your team properly. It helps to have tools that are easy to use.

How to be confident in your figures

Choosing the correct financial management software is key to the confidence in any business. The right product will give your business a clear vision and you’ll feel safe in the knowledge that your data is correct and current.

For more information about our software — which is integrated with Agrimaster, MYOB and Xero for use by accountants and business owners alike — check out our website. You’ll spend less time buried in spreadsheets and have more time to ask ‘what if’ questions and start dreaming about your business again.