Money management is not for everyone. Often times, business owners get caught up in the big picture and do not have enough time to sort through a financial spreadsheet. Whether we like it or not, finances are an essential part of running a small business. As your currency exchange Franklin Park store, we care about our local business owners. We understand how hard business owners and their teams work. Our team has created a list of a few financial tips to for small business owners to keep things running smoothly.
Do Not Procrastinate
One of the biggest mistakes that small business owners make is putting off bookkeeping needs. We understand that life happens and business gets busy. If you are not financially-minded, programs like Quickbooks can help make small-business accounting much easier to manage. If you put off your accounting work, it doesn’t simply go away. If you get behind on bill payments and need to cash checks made payable to your business, stop by your local currency exchange in Franklin Park. Our team at WSCE is happy to help small business owners with their financial needs.
Understand Your Seasonal Cash Flow
Another important tip for small business owners is to understand seasonal cash flow. As much as we would like business to be steady all year round, unfortunately, some seasons are busier than others. Business owners need to understand their sales cycle and prepare for their slower seasons. Make sure that you have a little extra capital in the bank for periods when revenue is low.
Make Sure Payroll Goes Out On Time
Pay your employees their earnings on time, it’s that simple. Not only do your employees deserve their earnings, there are hefty state law penalties for not paying wages on the day they are due – some states charge a penalty of $1,000 per employee, per pay period. At WSCE, your currency exchange Franklin Park store, we can turn checks made out to your business into cash instantly so that you can pay your employees and suppliers. We understand that life happens and small business owners get busy. Sometimes, you don’t have several business days to wait for a check to clear at the bank. At WSCE, we can turn your business checks into cash on the spot.
