Does the word ‘Startup’ ring a bell to your mind? Yes, more often than not they are called upon to look for their failure to survive the competition of the market. Of course, few penned down reasons to support this is lack of research in the new product and respective target audience for the same, marketing or sales strategy, improper expense management or not able to balance the cash flow for the business, etc.
Money seems to be a solution but more importantly, the habits to handle finances can actually play a very important role in either the success or failure of a venture. Hence, in this blog post, we bring you some of the insights that could help to bring down the expenses and help you maintain healthy cash flow.
1) Erase Unnecessary Expense
Life’s biggest hacks are mostly underlying in simple things. Bring down your expenses by shutting down the power supply after the office hours. Not only that but you could try to switch off or unplug office systems and appliances. A simple and yet effective way to save money depending upon how much of it was going down the drain.
2) Keep Checking Inventory
Inventory Management Software can prove to be a helping hand in pinning down the list of your stock to better keep your business in shape. Tracking inventory from time to time is essential for any business as it helps you in analyzing and stopping you from buying too much of what you really don’t need.
3) Go For Automation
It is advisable to not limit the business to manual way of doing things while the same can be achieved in lesser time with automating the process with tools and techniques. For e.g, if you need to send a bill to the client every month, it is better to opt for a billing tool with recurring billing facility.
4) Use Freelancer & Contract
As long as your company undertakes a well-enforced contract that can take care of both the ends will do the job. Moreover, to freelancers or contract based workers you do not need to provide benefits, insurance, leaves, etc you just need to pay them for completed work and avoid any other additional cost to slow your business down.
5) Go-green: Stop Paper Usage
Do not clutter your mail room. Let that space be occupied with digital solutions and systems. You can begin by eliminating the paper or physical document deliveries. Start opting for the best cloud-based billing/invoicing app to keep your financial data organized and secured. Especially, this digital solution is much cheaper than running your company with paper, etc.
6) Keep Your Business & Finance Account Separate
It is never going to end well if you are mixing your personal finances with business one. It is going to jeopardize the entire business operation. Maintaining the finances individually will help you to account for profits and expenses in an organized fashion. Go with a promising small business billing app.
Moon Invoice, a simple and easy online invoicing app can streamline your entire expense management process with its ‘Expense Tracking’ feature. The feature can help you optimize, organize and can help you to take necessary action if your monthly/yearly expenses are heavily accountable.
Few of the ‘Expense Tracking’ features at a glance are:- Track Expense, Categorize Expense, Record Expense, Know Where You Spent More & Hassle-free Tax.
Following are few of the handy advantages of Moon Invoice:
- Manage Invoices & Credit notes effortlessly
- Administer seamlessly estimates & purchase order
- Smart filter option with 22 Professional PDF templates
- Save time with auto invoicing numbering and avoid any critical financial data entry error with iCloud Sync feature
- Manage separate customers & vendors list
- Track expense and payments
- Add unlimited companies
- Smart quarter and summary view
- Create custom invoices with the option to add 2 different signatures, name, title, and date
- One touch backup & restore option with TouchID protection
- Customize PDF layouts, alignments, image, color and format
- Available in all platforms such as iOS, Android, MacOS, and Windows.
- Get 30 Days Free Trial.