Running a business is not an easy task. The self-employed and people who have a small or medium-sized company need to have a minimum training in areas such as administration, accounting, taxation or sales to achieve optimal business management. Among all these matters, accounting stands out, since any business, whatever the sector of activity, needs to keep an exhaustive control of the expenses that have to do with the performance of the work. Managing expenses well is a fundamental aspect in the day-to-day life of any freelancer, businessman or entrepreneur, although it is a task that requires special attention. Luckily, today there are different tools, such as the VISA Business Card, which allow you to carry out a complete and detailed control of expenses to improve management.
The control of expenses is one of the most important aspects of any business, especially in the case of the self-employed and SMEs, because a correct management of resources is the best financial strategy to achieve greater benefits and reduce the waste of existing money in many cases. The periodicity when carrying out this work directly influences the management of the business. In this way, the best option is to constantly analyze the expenses that are had in the short, medium and long term in order to control and make the appropriate changes based on them. After all, this task has to be part of the work routine if you want to achieve maximum peace of mind and security in one of the most problematic areas.
Freelancers and small and medium-sized companies have the need to digitize their businesses to be the order of the day. New technologies, such as computer programs and business management applications, are essential tools in today’s society to improve business efficiency . Until now, most of the entrepreneurs used the classic Excel sheet to keep the accounts. An archaic system that does not have any benefit in the economic aspect and, much less in the organizational aspect. So that the process of conserving expenses does not become a tedious task, it is necessary to improve the payment system in place.
Advantages of the Visa Business card
Improving the payment system does not necessarily imply having to make a large investment. Simple work tools such as the VISA Business card are enough to manage and control spending in any business. The business card offers entrepreneurs the possibility of knowing all their movements through electronic banking , which makes personalized reports so that they can view expenses quickly and easily . This aspect is essential to manage all types of expenses, especially those of the company’s employees. For this reason, it is also possible to set the daily and monthly limits of use in each of the cards on the global credit requested.
The digitization of data through this type of current tools allows entrepreneurs to know the needs of their own businesses in a visual, simple and really practical way. In this way, the self-employed and SMEs can choose between three payment options: month to month, three months, or pay a fixed monthly fee. Whichever option you choose, you can benefit from the EURO 6000 Privileges discounts, as well as free insurance coverage from this bank specialized in businesses and individuals.
Other tools to control your company’s expenses
Any self-employed person or entrepreneur of a small and medium-sized company has to be aware of his business 24 hours a day, especially to know at all times how the company is going and avoid possible surprises in the future. Mobile phones, tablets or computers are devices that accompany us throughout the day, which is why they have become another of the most important tools to control a company’s expenses. Currently there are a large number of applications designed to manage accounting and keep expenses under control .
Accounting programs are another of the most valuable options in business management. The main problem with this alternative is its price, in most cases unattainable for the self-employed and SMEs. In addition to its price, not all people have the necessary knowledge to use this type of program correctly. For this reason, the Visa Business card is positioned as the most recommended option to carry out a correct control of expenses in your company in a simple way.…
Financial freedom is synonymous with business health, but the path to achieving it is sometimes full of tortuous debts and sterile negotiations …
Not controlling finances can trigger a long list of unpayable debts that compromise the future, growth and well-being of your business. We will review the most common financial mistakes that end up putting almost all entrepreneurs in trouble.
A list of credits that has no end
Credits are very useful to equip your office and to get all the stock you need to start, but this tool can be abused very easily, to the point of ending up pawning your income.
Review all the products and services that you have paid on credit in the last year and ask yourself if they are essential for the operation of your business and, most importantly, if you can really take on all those commitments without going bankrupt. In most cases, the essentials do not exceed 20% of total expenses. Remember, that something is useful does not mean that it is necessary.
Excess frivolous spending
Another bad habit that puts many in a tough financial situation is frivolous spending. There is nothing wrong with incentivizing your employees and collaborators with an annual dinner, but if you tend to spend large sums of money on things that will not have a direct impact on your billing, your financial problems will not stop growing.
Think that, if you save all that money that you normally spend on unnecessary things, you can invest it in marketing campaigns to increase the customer base or in new products to offer to your regular customers.
Buying a company vehicle
Hundreds of thousands of business vehicles are sold on credit annually. This, at first glance, is a symptom of the general inability of buyers to buy a car in cash, and of the bad financial practices of most entrepreneurs.
When a company enjoys financial freedom, it has the ability to buy a new vehicle for cash that meets its needs. If there is no financial freedom, one must consider whether the car is the only means of transport available to perform tasks, or, as in many cases, is it an expendable comfort or an outdated attempt to make a brand image.
The endless fees to pay a loan for the purchase of a vehicle often put a hole in the finances of many companies, and are almost always expenses that can be avoided.
Subsistence loans are much more than a financial mistake, they are a clear indication that things have come too far.
A clear symptom of being subsisting on loans is buying stock material using a credit card. If you have reached this point where you need to use your credit card to pay the suppliers that supply the product that you sell to your customers, you must stop the activity as soon as possible.
Not only are you paying for those much more expensive items, taking into account the interest rates you must pay to the bank, but you are choking the business. You need to re-create a viable business plan and look for investors to relaunch the project.…