Tips to Manage Your Business Finances

Do you own a business? Or do you manage the company's finances? You will agree that managing finances is critical in business because it can reflect how well a company can develop, especially for small and medium-sized enterprises. Better financial management leads to a healthier business.

Managing business finances is undoubtedly different from personal because it requires special skills so that company financial management can run well. The following are some ways that you can do to manage the finances of a business, especially for small and medium enterprises:

Separating Personal Finance and Business Finance
Even if you are the business's owner, never assume that the company's money is your money. Separate the two and take detailed notes. Instead of making a profit, combining personal and corporate finances can result in a cash crunch.

Make two distinct accounts. Managing the two accounts differ depending on your requirements. Take advantage of the bank's internet banking services to contain both. The critical point in this situation is the discipline and commitment to managing the two accounts.

Use Financial Bookkeeping
There are various types of bookkeeping available today, both manually and online. This bookkeeping aids in the management of cash in and cashes out. Documentation can also be done precisely and meticulously with bookkeeping. Take advantage of the majority of today's bookkeeping applications to assist you. Never tire of double-checking every record. It is done to keep track of money transactions and eliminate errors.

Asset, Capital, and Debt Control
Check your business assets, capital, and debt control regularly to ensure everything is in good condition. If you can't do this yourself, you can hire someone in the finance department who is qualified. These three conditions are significant for the smooth running of your business.

Reduce Your Risk
Risk can present itself at any time and from any activity, including finance. Everything from minor to significant risks must be calculated before proceeding. Reduce risks such as borrowing debt, especially if cash flow is irregular. The risk of this debt has a direct impact on the financial health of your company. Large debt without money to pay will only make debt interest accumulate, which then further burdens the company's finances.

Cash Management
It is a critical point that should not be overlooked. Cash is the money you have right now. The cash account balance determines whether your company can pay all costs and liabilities. Paying building rent, employee salaries, and other routine monthly bills to various obligations charged to the company are examples of such duties.
Various issues can arise if you don't control cash flow correctly. Keep a close eye on the incoming and outgoing cash flows, and ensure the cash outflows exceed the cash inflows.

PermataBank includes the Permatae-Business internet banking service, designed to help you manage your company's finances. You can access everything online, from transferring funds in rupiah or foreign currency to paying bills and taxes, transferring accounts, and ordering checkbooks.

Some of the advantages of using Permatae-Business include the following:

• Safe
  Secured by data encryption protection and token usage to authorize transactions
• Efficient
  Doing online transactions gives you cost and time-efficient
• Flexible
  Equipped with PeB Mobile application to make your transaction easier
• Transaction Features
  Single Transaction (IDR Cash Transfer or any other foreign currency), Mass Payment (Bulk Payment and Payroll), Direct Debit, Bill Payment, and Tax Payment
• Non-transaction Features
  Balance, Transaction History, Checkbook Order, Advice Printing

Besides the benefits mentioned above, there are still several additional features that will make managing company finances easier for you, including:

• Automatic Data Sender
  Sending account mutation or transaction reports from the bank to the customer via the system.
• Automatic Data Receiver
  Sending bulk transaction instructions from the customer to the bank through the system.

Whatever the scale of your business, managing finances carefully and adequately is the key for a company to survive in all conditions. Make sure your company's financial management is in the right hands. Use the Permatae-Banking internet banking service to help you. With various advanced features, Permatae-Banking provides solutions for every financial need of your business.