Whether you’re a production or a service company, the heartbeat of your company is the financial management. Money comes in and goes out quickly, it’s critical to ensure that all transactions are being recorded correctly. As your business grows, your customer base and your supply chain will become more complex. Keeping your financial records current and accurate will be more challenging.
Many business owners focus on sales and employees while neglecting their record keeping. The simple accounting program that was adequate when you were a startup may not be robust enough for an established business. Having robust accounting software is not enough. Your data must be entered timely. If this is challenging, hire an experienced bookkeeper to keep your financial records current and accurate.
Warning signs your company needs to be revamped:
- Scattered records – Your dashboard is not where invoices and receipts belong.
- No communication- Financial information needs to flow between all departments.
- Spreadsheet nightmares- Spreadsheets are only useful if they are current and accurate.
- Outdated technology – Take advantage of cloud based solutions.
Spend the time now to revamp your financial management- the payoff will last forever.
Formed in 1978, ARC has helped our customers survive the economic downturns of the last 43 years. ARC has grown while providing the capital and expertise our clients need. We are the Top Rated Factoring Company for eight years in a row by business.com. We fund startups up to 60 million in revenue.
Call us today at 800-297-6652 or schedule an appointment to learn how accounts receivable factoring improves small business cash flow. In the DFW area, call 972-404-4726. To find out how invoice factoring can help get your small business off the ground, call Jack Stieber or Brad Gurney or complete our quick application form.