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[castbound castboundoski]

How well do you manage your company's finance ?

Do you have someone who does the job for you or you are doing it yourself as an owner?

 

[cryptofly]

You will find a very thin line between "Business" and "Self employee". And the "hardest" part of managing finances is to adjust your personal budget vs. the "business" income.

 

[Aelfwine]

We have a family business. I work for my parents. I think the hardest way which is not hard for me is discipline and control not to get away with money. I don't easily tempted in money so it is not big deal with me

 

[castbound castboundoski]

You will find a very thin line between "Business" and "Self employee". And the "hardest" part of managing finances is to adjust your personal budget vs. the "business" income.

I would assume you need to separate the business income and the personal budget. You need to have some money spared in case your business goes downside so you can try to make it work.Some people tend to mix personal and business and sometimes that can be the wrong thing to do. You don't want your business budget to be spent for personal use or something like that.

 

[jason120]

How well do you manage your company's finance ?

Do you have someone who does the job for you or you are doing it yourself as an owner?

absolutly you need someone to help you, because you are not good at everything.

 

[overcast]

I think the harder part about any business and freelancing is not having the clients to serve. What to do during this downtime. That is the biggest question. You may have to struggle a lot in order to maintain your finances in this period. Also you may have to struggle with others and get new clients. It does not work overnight. And thats where things need to be changed. I personally feel that one has to be having multiple income streams for things to work.

 

[castbound castboundoski]

We have a family business. I work for my parents. I think the hardest way which is not hard for me is discipline and control not to get away with money. I don't easily tempted in money so it is not big deal with me

As long as you are a person who does not gamble or waste money or stuff that are unnecessary then you are good to go. Working in a family business is awesome because I think in that environment you care even more how much you are spending and how much you are saving.

 

[Aelfwine]

As long as you are a person who does not gamble or waste money or stuff that are unnecessary then you are good to go. Working in a family business is awesome because I think in that environment you care even more how much you are spending and how much you are saving.

I agree working at my parents is great because whatever suggestion I want to say. I can say it unlike if I was employed by a company. Most of the time, I need to keep quiet and not talk to the boss even I have great ideas.

 

[castbound castboundoski]

absolutly you need someone to help you, because you are not good at everything.

If you do have knowledge in the area you are starting your business in then you don't need to get expert to help you out but for new business owners that aren't really familiar in the certain area it is a really good option they should consider.

 

[castbound castboundoski]

I think the harder part about any business and freelancing is not having the clients to serve. What to do during this downtime. That is the biggest question. You may have to struggle a lot in order to maintain your finances in this period. Also you may have to struggle with others and get new clients. It does not work overnight. And thats where things need to be changed. I personally feel that one has to be having multiple income streams for things to work.

We all know its not as easy as it sounds to have multiple income. Lets say you own a business and you want multiple incomes, how would you actually achieve that ? Can you give us some ideas ?

 

[kakfat]

When it come to business discipline should be inculcated in you before any other member of your business. Managing your finance depends on the size of the company, in a situation where you have a big business it is advisable to employ someone competent and reliable to manage your business finances so as to have effective financial management and to measure the level of progress in your business

 

[castbound castboundoski]

When it come to business discipline should be inculcated in you before any other member of your business. Managing your finance depends on the size of the company, in a situation where you have a big business it is advisable to employ someone competent and reliable to manage your business finances so as to have effective financial management and to measure the level of progress in your business

Thats a really nice tip ! If you do not care about yourself first / how you are spending the money then you can't expect others to have a good example.They get an example from the owner of the business.As you said it really depends how large the company/business is, if its something small then you can do it by yourself if not then an expert is required.

 

[overcast]

We all know its not as easy as it sounds to have multiple income. Lets say you own a business and you want multiple incomes, how would you actually achieve that ? Can you give us some ideas ?

Currently I have one business and I am taking subcontracts for another. and this way I am flowing the money. though it is kind of hard to have sustainable income. but you can get the idea. it's not going to be good enough in many ways. you may not be able to get the part where finance can be properly managed. I agree that it is hardest. the reason being maintaining it is not easy at all. that's where most people have the issue.

 

[castbound castboundoski]

Currently I have one business and I am taking subcontracts for another. and this way I am flowing the money. though it is kind of hard to have sustainable income. but you can get the idea. it's not going to be good enough in many ways. you may not be able to get the part where finance can be properly managed. I agree that it is hardest. the reason being maintaining it is not easy at all. that's where most people have the issue.

So, how do you cope with it ? Do you ask for help from an expert ? Have you done any mistakes which lead to not having a profit before ? Whats the secret to maintaining a finance ?

 

[Lovely]

Personally,I wouldn't want someone to manage my business finance for me.A lot of persons have got themselves burnt badly in the process of hiring some dubious cashiers, account officers and Accountants.

If these employees don't abscond with your money,they double or triple the prices of expenditures, which is totally unhealthy for a growing business.

The best bet is to handle every financial transaction yourself,so as to reduce cost and conserve more money for future use.

Then bring in experts like the auditors to vet the account books,this way you will be fully aware of the company's financial state.

 

[overcast]

So, how do you cope with it ? Do you ask for help from an expert ? Have you done any mistakes which lead to not having a profit before ? Whats the secret to maintaining a finance ?

I have limited access to the experts. and that makes it really hard for me to get the finances in order. I personally think that people should be focused on the getting income started. that's what most of the experts tell you too. once you get income stated then think about scaling it. and then think of sustaining it. often times you can't have sustainable business. but that does not mean you should avoid that business. not all business are sustaining but often one off. that's what the advice given to me.

 

[Blue Koala]

I didn't have an issue with the technical aspects of managing the books because we hired someone to do all that. The biggest challenge for me as a start up is ensuring we make enough profit to pay the rent, salary, bills, inventory etc. Looking back that was the most stressful part of it.

 

[castbound castboundoski]

Personally,I wouldn't want someone to manage my business finance for me.A lot of persons have got themselves burnt badly in the process of hiring some dubious cashiers, account officers and Accountants.

If these employees don't abscond with your money,they double or triple the prices of expenditures, which is totally unhealthy for a growing business.

The best bet is to handle every financial transaction yourself,so as to reduce cost and conserve more money for future use.

Then bring in experts like the auditors to vet the account books,this way you will be fully aware of the company's financial state.

Thats actually a very good idea.Not every accountant we can trust in... They just want to suck you up and get the most out of you.Bringing an expert is completely different. They will ask for money as well but they are not your accountants. They just give you advices on how to cope with it.

 

[castbound castboundoski]

I have limited access to the experts. and that makes it really hard for me to get the finances in order. I personally think that people should be focused on the getting income started. that's what most of the experts tell you too. once you get income stated then think about scaling it. and then think of sustaining it. often times you can't have sustainable business. but that does not mean you should avoid that business. not all business are sustaining but often one off. that's what the advice given to me.

Yeah I think its really good if you first make a profit and then think of sustaining your business.You cannot know whether in few days you will have customers the same as today. Making sure the business gonna go on and on is really important.I like your advice.

 

[Medowriter]

This easiest way to manage your company finance is not be directly in charge but you should play a supervisory or monitoring role and place your self on salary so as to avoid unnecessary expenses.