How do you convince (the champion of financial systems) that it is not so?!

How do you convince (the champion of financial systems) that it is not so?!

discover | Tuesday - 16 / 01 / 2024 - 9:04 pm

How do you convince (the champion of financial systems) that it is not so?!

In the era of the Fourth Industrial Revolution, anyone can establish a business, and therefore, at Logix, we are keen to cover the needs of all sectors through our products. But what about those who see themselves as superheroes? Their mission is to change the face of the industry forever!

This time, we will not tell you the story of our success in saving a client from losing $39,600, protecting his company’s reputation, or raising the productivity of a team exhausted by too many tasks. In fact, we are here declaring our defeat to a “special” client, asking for your help!

finance mamagement

The meeting that did not go well
Our client walked away angry after hearing us say that steady cash flow, guaranteed by a good financial system, is not as exciting as the giant goals he sets for his company, but it is more achievable and, frankly, more important to long-term success. He thought we didn’t want to help him.

So… assuming that he comes to you to complain or complain, please tell him the following…

Financial planning is not only in times of crises!
Rather, it is what keeps companies afloat in difficult times, or gives them the ability to expand during good times.

We know that the task of financial planning is not glamorous, and the needs and complexities of your company are overwhelming, so we have summarized for you the outlines of a basic financial stability program in the following eight points:

Build a detailed budget and let it be your guide on your entrepreneurial journey
We couldn’t ask you about the size of your company, but regardless of its size; A budget is a must.

Don’t you want to see the full picture of assets, expenses, profits, etc.? Budgets are an essential tool for making entrepreneurial decisions.

Yes, budgeting can seem like an intimidating task. But we are on your side; Our integrated resource planning system and continuous technical support are at your side.

Also, do not forget that the budget is not a Greek statue, most of it can and will change. Our mission is to help you keep pace with change.

Choose a system that helps you digitize and standardize accounting books
Maintaining well-organized accounts is absolutely essential to your company’s success (in addition to your superpowers, of course). But we do not want you to be satisfied with tidy records. Rather, all accounts and payments – both credit and debit – must be unified within a system that facilitates access to cash flow data and other vital indicators.

To be honest, you can imitate others and rely on traditional accounting programs, as they are easy to use and very popular.

But you are special, and you know – at least in your heart – that adopting an ERP system, Logix for example, is a great choice because of its way of unifying and simplifying the entire operational process of the company.
We don’t want you to drown in data and numbers!

Solve the problem of late bills… now
Remember our talk about late-paying bills?

We wanted to tell you that invoices that are not sent directly reduce the sense of urgency to make timely payments. Which in turn could create cash flow problems, and ruin your entire financial system!

On the other hand, a company that sends express invoices includes a message – between the lines -: We expect prompt payment, please.

Therefore, to solve your problem, you must adhere to the following two steps:

Send the invoice as soon as possible (after the customer confirms receipt of your product, of course).
Review your books periodically and make sure you send invoices for all payments due. (Our E-INVOICE system can make this task easier for you, with its billing reminders feature.)
Separate personal and business finances
Please, do not fall victim to the temptation to mix the two for the sake of convenience, as this may expose you (as an individual and as a company) to financial penalties if your project fails [God forbid]. Without forgetting that taxes are greatly complicated, and deprive the company of building its credit file.
This represents a financial risk and an obstacle to your company growing and conquering the world as you wish.

Find professional bookkeeping help
Correct us if we’re wrong, but you’re not exactly an accountant, are you?
Then you will undoubtedly need the help of an accountant (at least part-time). An accountant will help you file your taxes and ensure that your company does not – unintentionally, of course – violate any financial or banking laws.

you know what? Why not develop a good working relationship with a financial professional?
He can advise on cash flow, savings, credit management and all sorts of other pressing issues. The more your company grows, the more important it is to have a financial specialist in the company, so we advise you to save time and hire a financial advisor from now [Contact us if you are looking for a nomination]

Balance stability and growth

Companies that give growth and expansion more importance than building a stable financial system are like walking through a minefield!

We don’t mean that you don’t need to take risks and be bold; This, after all, is the essence of entrepreneurship. But we feel that, when you’re considering expansion, you owe it to yourself (and your employees) to ask why you want to expand, and to think carefully about whether it’s the right move.

End your nightmares early
We mean every business owner’s nightmare: reaching the end of the year, calculating taxes, and then finding out that he owes much more than he expected!

That’s why it’s important to start consulting with financial professionals as soon as possible about your tax situation (and don’t forget to support the session with real-time reports).

The IRS often offers extensions or payment plans in installments – but it’s important to contact them as soon as possible to reduce penalties (if your company can’t pay).

Thus, you truly become a champion of financial systems
These seven aspects are the core of a company’s financial system, and any organization that does not give them due attention and diligence creates major blind spots for itself. The faster financial planning and planning can be completed, the more quickly