5 Ways to Manage Business Finances to Be Effective

Are you the owner of a business? Or are you someone who is responsible for the finances of the company where you work? You will agree that managing finances is crucial in a business because this can reflect how well a company can develop, especially for small and medium-sized companies. The better your business financial management, the healthier the condition. 

Managing business finances is certainly different from personal because it takes special skills so that the company’s financial management can run well. The following are several ways you can manage the finances of a business, especially small and medium businesses:

Separation of Personal Finance and Company
Even if you are the owner of the business, never assume that the company’s money is personal money. Try to separate the two and make clear notes. If you mix personal and company finances, instead of making a profit, it can result in a loss of cash.

Create two different accounts. Set the two accounts differently according to your needs. Take advantage of the internet banking facilities provided by the bank to manage both. The important point in this matter is discipline and commitment in how to manage the two accounts.

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Use Financial Bookkeeping
Currently there are various kinds of opening both manually and online. This bookkeeping helps manage between cash in and cash out. Recording can also be done precisely and carefully. Take advantage of the maximum bookkeeping applications available today to help you. Never tired to check each record. This is done to control money transactions and ensure there are no errors. 

Control of Assets, Capital and Debt
Perform regular checks to make sure 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 very important for the smooth running of your business.

Reduce Risk
Risk can come at any time and from any activity, including finance. From small to large risks, you have to estimate everything before deciding to take it. Try to reduce risks such as borrowing debt, especially if the cash flow is not smooth. The risk of this debt also directly affects the financial health of your business. Large debts without money to pay them will only make debt interest accumulate, which will further burden the company’s financial performance.

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Controlling Cash Flow
This is important and should not be overlooked. Cash is the money you currently have. The funds in the cash account determine whether your company is able to pay all costs and obligations. such as paying building rent, employee salaries, other routine monthly bills to various obligations imposed on the company.

A number of problems can arise if cash flows are not properly controlled. Pay close attention to the incoming and outgoing cash flows, don’t let the cash outflows be faster than the cash inflows.

Permata Bank comes with theinternet bankingspecifically designed to assist you in managing company finances. Ranging from fund transfers in rupiah or foreign currency, bill payments, tax payments, to account mutations and checkbook ordering, you can access everything online. 

Some of the advantages of using Permatae-Business include:

  • Safe
    With data encryption protection and the use of tokens for transaction authorization
  • Effective
    Time and cost efficiency by conducting transactions online
  • Flexible
    Equipped with the PeB Mobile application for your transaction convenience
  • Transaction Features
    Single Transaction (fund transfer in IDR and foreign currency), Mass Payment ( bulk payment and payroll ), Direct Debit , Bill Payment , Tax Payment
  • Non Transaction Features
    Information on account balances, Information on account mutations or transaction mutations, ordering checkbooks, printing advice
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Not only the advantages as mentioned above. There are a number of additional features that will make it easier for you to manage company finances including:

  • Automatic Data Sender
    Feature for sending account mutation reports or transaction reports from the Bank to the Customer through the system
  • Automatic Data Receiver
    Feature for sending transaction instructions in bulk from the customer to the bank through the system

Whatever the scale of your business, managing finances properly and carefully 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 a variety of advanced features, Permatae-Banking provides solutions for all of your business financial needs.

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