Fix Your Finances Before You Establish A Finance Department

Fixing Finances Before You Establish A Finance DepartmentSource: Pixabay

In the very early days of your business, you won’t have enough money to hire a lot of employees. You will have to make do with a skeleton team or, if you are really trying to cut down on your expenses, you might have to cope with just yourself. Once they do start hiring staff, one of the last departments that most companies establish is the financial department. You’d be surprised at how far you can take your company without any dedicated accounting and bookkeeping employees. That is, of course, as long as you follow these great tips to fix your finances without a finance department!

1. Outsource the Complicated Stuff

Before you establish a finance department in your company, you will be responsible for everything to do with your money. And that includes all of the complicated stuff too! There is no way you can ignore any task or job if it is too difficult, as it will need to be done in order to keep your company’s finances in order. But don’t worry; you can simply outsource all of this tricky stuff. For instance, you might want to contact a credit recruitment agency to hire a tax specialist who can help you with your yearly tax return. This way, you can be sure that all the difficult accounting and bookkeeping is being taken care off while you can focus on the easier financial responsibilities.

2. Set Time Aside for Finance

You won’t be able to dedicate all of your time to your company’s finances, so you need to be able to find the right balance. For example, you can’t busy yourself with your usual jobs and responsibilities and ignore all of the finance work that needs to be done. Otherwise, you might get into trouble with the tax man! So, at the beginning of each week, you should set aside a few hours in your diary when you can get to work on your company’s finances.

3. Embrace Budgeting

One of the first things you need to get your head around is how to budget. If you don’t, then you will find that your company starts to bleed money. As you won’t have any financial employees to set up your budgets or keep a close eye on everything that’s coming in and out of your bank account, you need to do this yourself. There are lots of online guides that can help you create an effective budget if you are completely new to all of this. Then, once you do start a budget, you will find that your finances become a lot more organised and easier to manage over all!

4. Start Looking for Finance Stars

Even if you are a few months away from creating your finance department, it is never too soon to start looking for the best potential hires for your company. Start browsing sites like LinkedIn to try and get an idea of all the talent that is out there!

No finance department? No problem, not with these tips!