Well, spring has sprung, and it’s the time of year to get some fiscal Spring Cleaning done around the office. Reviewing the company’s financial systems – from order capture to service delivery – can better equip small business owners and management teams to make sound business decisions based on reliable financials.

Start by getting your business’ finances in order. Sit down with the company CFO, your company accountant, or whoever keeps the books to create a business budget for the next 12 months. Be conservative in projecting revenues, and over-estimate costs. Develop a budget you can live with during good months, as well as months that drag by with few orders. Your budget should be based on realistic expectations, not pie-in-the-sky projections.

Keep up with the company’s financial records and accounting. Review all financial records and get this information organized to your best advantage when tax time comes around. If your business’ accounting system is “kinda, sorta” hit-and-miss, you may miss legitimate tax deductions, and if your company’s financials are stacked in a big pile, you know it’s going to take a lot longer to find that one invoice, or file that one last tax document. Getting company financials in good working order will raise productivity because the right information is available right away.

Review your banking options. Make an appointment with your banker to discuss your current business banking and see if you could benefit from any other products and services. For example, a business line of credit might be a useful tool to give you quick access to cash in an emergency, or to let you take advantage of an unexpected business opportunity. 

Improve cash flow through the company by developing a payment collection system that cuts collection costs and gets money into company accounts faster. For example, a Remote Deposits™ system can allow you to scan checks at your office and deposit them quickly into your account without having to go to the bank.

Make sure to provide numerous payment gateways to make it easier for customers to pay right away by debit or credit card, even using mobile devices.

Build a safety net for your business. It’s prudent to set up a schedule to divert excess cash on a regular basis into a business money market account or certificate of deposit. You don’t have to stash a large wad of company cash, but having funds in the bank can provide more options for your business, today and down the line.

Consider outsourcing payroll. Many banks offer payroll services that automatically transfer funds into employee accounts – a real time-saver and cost-cutter for you and the staff. Talk to your bank representative to learn how payroll services can save money, make better use of time, and neaten up the company books with regular statements of employee salary disbursements.

Organized business financials build confidence. Organized company financials empower management, who can rely on accurate, dependable, reasonable numbers to make confident, sound business decisions, and chart a course for business success.

Use that company safety net you’ve built to add value to the business. Buy equipment. Buy the office space you currently lease. Add more products to your catalog, more services to your consultancy roster.

Spring is the time to go over the books with your accountant and the company bank representative. Talk to both, review your options, and develop a growth strategy based on organized, reliable business financials.


Remote Deposits and credit products are subject to bank approval requirements. Terms and conditions apply.

The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice.