Business finance is the management of funds and borrowing on behalf of a business. Similar to personal finance, business finance encompasses many factors including revenue, expenses, lending, and more. Proper administration and planning of business finances are essential to helping a business thrive and strategically grow. As a small business owner, you may not be particularly knowledgeable about the ins and outs of business finance, but that doesn’t mean you can’t be. Community Tax provides many helpful business finance resources to help small business owners get a firm grasp on their business’s finances, including business finance articles on our blog. And, if you need help managing your business finances, we offer small business accounting, bookkeeping, and tax services so that you can focus on running your company while our experts handle the rest.
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Business finance is an important aspect of any company because an organization’s financial health is what fuels it’s activities forward. From maintaining sufficient funding for manufacturing products and marketing to paying back lenders, business finance is the foundation of any successful organization.
Some important tips for managing small business finances include:
- Keep your books up to date
- Make sure your financial records are accurate
- Stay on top of money owed to you from clients
- Closely monitor your business’ cash flow
- Borrow money strategically
- Hire a professional to handle bookkeeping, accounting, and other financial obligations
There are many types of small business financing options, however, the two main categories are debt financing and equity financing. The difference between the two types of financing lies in the trade off—with debt financing, assets are put on the line, whereas equity financing requires a percentage of stake within the company.