Managing your money might feel like a full-time job, whether you’re a brand-new business owner or have been in the game for a while. You can save time, money, and stress by following a few basic guidelines for streamlining your business’s financial operations.
1. When the mail comes, make sure it goes in one location
Late fees and a worse credit score are only two of the consequences of losing track of a bill. Use the same method whether you’re organizing a drawer, a box, or a file.
Dimensions are also crucial. If you get a lot of mail, you should sort it in a spot that won’t grow cluttered too fast.
2. Be punctual with your payments
If bills are paid at set intervals throughout the month, the process can be streamlined. It is possible to schedule times during the month when no bills will be overdue, regardless of how many you get.
Too much time may be spent in front of the checkbook if bills are paid immediately upon receipt. Even though it may say “Payable Upon Receipt” on the statement, there is typically a grace period.
Get in touch with the bill’s creditor to learn the latest date payment can be made without being marked as late.
3. You Should Examine Your Credit Card Statements
Even though most customers take advantage of introductory 0% APR credit card offers, nearly all of them never examine their credit card accounts. It’s common practice for credit card companies to entice new consumers with cheap introductory rates, only to raise rates after a short period of time.
Check your monthly bill thoroughly to determine the interest rate you are being charged and any applicable transaction fees.
If you see a rate hike or a transaction fee on your credit card statement, giving the company a quick call may be all it takes to get things back to normal.
If not, you may want to consider moving your money somewhere else.
4. Make use of recurring payments
You can set up automated payments to your debtors at most financial institutions. In addition, the creditors normally give a cheaper interest rate when you sign up for this payment option because they obtain their money sooner and on-time.
That’s one less paper check, envelope, and postage you’ll need to worry about. If you want to avoid bouncing additional checks, you should arrange the deduction to occur at the same time as the automatic payment.
5. Invest in a checkbook calculator
Financial organization software is a helpful tool. Whether you use Quicken(r), Microsoft Money(r), or another tool, you’ll find that managing your finances is a breeze.
Ordering and using computer checks is convenient because they can be used with nearly any printer. When you print your checks, your electronic checkbook will be updated immediately.
In addition, many financial institutions now offer direct downloads into these applications, meaning that your deposit or withdrawal will be recorded in real time on your computer.
And it’s a breeze to file your taxes at year’s end.
6. Most financial institutions offer a service that will cover the potential loss on a bounced check
The bank can link your checking account to your savings, money market, or credit card for a small cost, saving you the embarrassment of a bounced check. Call or visit your bank to learn about this helpful tool.