How to clean up company accounts

clean up company accounts

La economic management It is essential to maximize performance. However, this type of task can be difficult for small and medium-sized companies and also for startups.

Precisely for this reason, there are guidelines and services such as the bank accounts (professionals) for professionals and companies that allow to clean up accounts and improve economic performance.

What do we talk about when we talk about cleaning up the accounts?

Within business administration, there are multiple areas that are organized in one way or another to take advantage of available resources. In this sense, one of the most important tasks is economic management. Indeed, it guarantees that the different areas and sectors have the financial resources to function effectively.

clean up bank accounts

Precisely for this reason, reorganization of accounts is essential for the company to have the capacity to be self-sufficient and develop your commercial activity without inconveniences. At the same time, cleaning up the accounts makes it possible to maintain the financial health of the company in optimal conditions for grow and get better market performance.

The economic management and the balance of accounts include a series of nature functions accountantfiscal and financial that group different types of needs according to the nature of the transactions carried out by the company. clean up the accounts requires that they all work in harmony to guide daily activities toward future growth goals.

Therefore, cleaning up the accounts produces two clear benefits: on the one hand, it offers the ability to solve the daily operations of the organization and establish profitability criteria clear and, on the other hand, allows project activities based on Long-term goals in which financial capacity is essential to grow.

How to clean up company accounts

The following list comprises the various actions required to improve economic performance and therefore, the financial health of the company. These are convenient for both entrepreneurs and small and medium-sized companies. However, its usefulness will vary according to the type of company in question and the activity in which it is registered.

money bank accounts

Study of accounts and financial planning

First, the company must carry out a detailed analysis of all those processes of an economic nature: commercial activity, invoicing, payment of taxes, loans and credits, expenses and deferred payments, etc.

Having this information in a precise way allows developing the following points in an efficient way. It also allows the company set operations economics that are essential for activity and make a financial plan to achieve long-term goals.

Discipline in saving

Although this may be superfluous, the truth is that implementing an effective savings system can represent a great improvement in resource performance and, in general, in the economic capacity of the company.

This is especially true in the long run, as corporate structures tend to produce a lot of waste that, taken together, can be used to solve other taskssettle accounts or reinvest in the productive matrix.

Partner with potential investors

investors companies

The injection of capital from investment is a possibility that must be constantly pursued to clean up the accounts. It should not necessarily be a priority in terms of resources and efforts, but resources should be devoted to it, as long as it is a great way to improve economic performance.

However, to develop effectively, the search for potential investors must be supported by a well-prepared financial plan in which highlight profitability of the business and the time before making a profit by the investor.

Prioritize business profitability

Although there are many areas of the business that are not necessarily oriented to commercial activity, the latter must be optimized to ensure the profitability of the business and the balance of accounts. In this sense, the priority in terms of investment and development should be the sales area.

In the same way, the profitability of the business supposes that the income exceeds —or minimally equals— the expenses: the accounts of fixed and variable costs must be studied to determine possible reductions in the impact of these on the economy overall company.

Taxes and fiscal regime

company tax regime

The payment of taxes must be carried out quarterly and annually. Therefore, it is necessary to keep an effective record of the balance available for ensure payment of taxes and not incurring in arrears of any kind, as this may result in unnecessary expense.

The most advisable is use an accountant who can perform an analysis of our accounts and tax situation. The cost of hiring and consulting is marginal in relation to the benefits that this brings: tax reduction, exemptions and refunds, to name a few.

Digital tools and banking services

bank management tool

Currently, there are multiple commercial and financial management tools that are very convenient for small and medium-sized companies. to carry a proper account balance. In this sense, it is essential to use Programs of business management that include accounting, salary settlement, financial spreadsheet, etc.

Also, there are also many banking services that allow managing the company's accounts and carrying out all those economic operations to ensure its performance. many of them They do not charge commissions of any kind. fixed maintenance expenses, which significantly reduces the operating cost.

Financial management

Companies often use different types of financial resources that allow them get loanscreditspayments, etc. Therefore, strict control must be maintained over this type of resource and the costs it produces in the company's accounts.

Indeed, the totality of the monthly financial expenses not to exceed 20% of total cost of operations. Otherwise, a cycle of pronounced indebtedness can begin in which most of the income is used to finance the same operations.

Make frequent quotes

Finally, a great way to clean up the company's accounts is perform a regular analysis of the relationship with suppliers. That is, actively seek best prices and Terms of Service —transfer, payment method, etc.— to ensure that both products and services are affordable and competitive in the market.

This task corresponds to the purchasing commercial area, which must carry out a review obligation of the supplier's situation regularly and impartially. Otherwise, significant business opportunities may be lost and production costs may increase.


The content of the article adheres to our principles of editorial ethics. To report an error click here!.

Be the first to comment

Leave a Comment

Your email address will not be published.

*

*

  1. Responsible for the data: Miguel Ángel Gatón
  2. Purpose of the data: Control SPAM, comment management.
  3. Legitimation: Your consent
  4. Communication of the data: The data will not be communicated to third parties except by legal obligation.
  5. Data storage: Database hosted by Occentus Networks (EU)
  6. Rights: At any time you can limit, recover and delete your information.