This week’s videos can help you understand the benefits of financial tools for your business.

Financial tools help you monitor the key numbers in business (for example, accounts payable, receivables and payments) to evaluate and improve the performance of your business.

This week’s videos can help you understand the benefits of financial tools for your business.

Financial tools help you monitor the key numbers in business (for example, accounts payable, receivables and payments) to evaluate and improve the performance of your business.

Business owners have to deliver great outcomes for their clients. They also need to deliver outcomes for themselves.

There are two reasons to budget for cash draws: 

·         A budget gives you clarity 

·         Helps with tax compliance 

Financial control is imperative for business survival and growth.  

You can achieve it by setting up a comprehensive system of financial measures. The system provides the necessary analysis and tracking of your key financial data.  

Active debtor management is keeping an eye on clients who owe you money and endeavouring to make sure that they pay you within your terms.  

The ‘books’ are not a glamorous part of business. 

But a good system of financial administration that is rigourously followed is vital to the ongoing success of your business.

Assessing a client is not based on the amount that you charge them. It is certainly a part of it.  

It's measured by how quickly your client pays for your services. How often do they complain about an agreed amount when you bill them? 

A room full of busy and seemingly productive people is generally seen as a good sign. But if your staff are using inefficient and outdated tools, they could be used for greater effect in your business.

Financial tools help you monitor the key numbers in business (for example, accounts payable, receivables and payments) to evaluate and improve the performance of your business. 

 Today’s video looks at how benchmarking provides a picture of where your business stands relative to your competitors or industry performance.