Category: Finance

The finance department is one of the most crucial teams of your business. The performance of your finance team can make or break your business and affect your bottom line.
As a result, it is essential to structure your finance team the right way to maximize productivity. A proper finance team structure can also improve your financial decisions and cash flow.
So, here is a guide to help you structure your finance department like a pro.

Cash flow is one of the most important things that you’ll need to know about when you’re managing a business. Regardless of whether you’re a part of a small business, or in charge of a huge brand, cash flow management is one of the essential basics.

In this article, we will discuss all the basics of cash flow that you need to be aware of. By the end of it, you will have a clear idea of what cash flow is, how it affects your company and some tips to manage it.

Financial planning is key for every company, no matter how big or small they are. But, according to Gartner, only 3% of companies have financial planning procedures that are actually integrated into the business procedure.

So, what does financial planning really mean? How does it help businesses and what is the role of a financial planning team in the functioning of a company? We will answer all these questions and more in this blog post.

Operating under a budget is the sign of every successful business. Regulating the cash flow can help you eliminate unnecessary and redundant costs from your operations.

Most businesses resort to using Google Sheets or Excel as the tool to keep a track of their budget. Unfortunately, Forbes projects that 88% of business budget spreadsheets contain some form of errors. Your finance department is much more prone to errors when tracking the costs manually.

The margin for error is quite large when you are using spreadsheet software for keeping track of sales and expenses. This is true especially when the number of transactions shoots up.

Business budgeting tools can help you out with maintaining your budget and ensuring that the expenditure is not out of line. No matter how big or small your brand is, a budgeting tool is often the best investment that you can make to ensure that you eliminate unnecessary expenses.

Apps you use on a daily basis, such as Google Drive, Docs, Dropbox, HubSpot are all part of the SaaS category. SaaS stands for Software as a Service and refers to a subscription-based model where service-providing software can be accessed using external servers.

The rise of cloud computing has helped in the growth of SaaS a lot, since software is stored on external servers. Users often need only a web browser to access the software since there is no installation needed.

SaaS subscriptions often cost less than businesses having to purchase a number of software licenses for their employees. But, the recurring costs can often add up to be much more than expected. On average, a company spends $5700 on SaaS for every employee.

So, there is a need to ensure that the SaaS spend for a company is regulated and that all costs are accounted for. This ensures that there are little to no unexpected losses involved when the financial reports are generated at the end of the term.

With that in mind, here are five efficient ways to help you manage your SaaS spend better and reduce the likelihood of unexpected costs.

Business credit cards are given out to both small and big brands. Unlike personal credit cards, business credit cards are intended to be used by companies. This will help them build a credit profile to help them earn better terms while borrowing in the future.

As a business owner, it is important that you are completely aware of where the company funds are going. While you might have an overall idea about the amount of money being spent, you need to know how much is being spent on salaries, utilities, travel and tools on a day-to-day basis.

Spend analysis ensures that you are not taken by surprise when expense reports are generated. In this article, we will discuss what spend analysis is, what it helps your business achieve and how you can do it yourself.

Spend management in the workplace can be very difficult to deal with. One of the main reasons why they are such hassles is because of the delay involved.

Oftentimes, employees need to wait weeks to be reimbursed for company purchases. On the other hand, managers wait till the end of the month to receive the expenditure reports. The finance team also spends a lot of time sorting out proper expense documentation.

It seems like every step of the process has some form of delay involved. And as a result, the time taken for purchases to be completed, or reimbursed, is way too long.

But, there are ways to manage company expenses conveniently and in real-time. And that is what we will discuss in this article.

Since executives use internal data for decision-making, payment visibility is key to ensure proper functioning of businesses. Earlier, companies used to face a lot of delay and inefficiency in business transactions. 

This was mainly due to their use of physical invoices and expense reports that were due at the end of the month.