Small Biz Tip: Money Management: Safeguard Your Finances

Tips from June 29, 2009

The Small Business tips today will be about ways to safeguard your finances to save money.

  1. Keep track of every purchase by saving receipts from transactions. Find an effective way to record purchases, whether a computer program or check book.  Validate purchases by keeping up with bank statements and your purchases. ABC members have a discounted program, Shoeboxed.com, for record keeping. Try http://bit.ly/7Qb58.
  2. Back up your computer! A virus, crash, or even a simple computer malfunction can erase data and records.  If you have a computer program for your finances, back that up as well.  Losing this information could cost your business hundreds of dollars and many hours of recovery.  Save your information on an external hard drive to ensure safety. 
  3. Check, recheck, and check again on your bank statements.  Although unlikely, there is a chance for an error in the banking system and could accidentally cost you money.
  4. Don't give out your credit card or bank account number.  Safeguard those in a safe place, and beware of email and online scams.

Daily Overview: Ensure financial safety by keeping records accounted for and tracked.  This will not only save you money but countless hours for recovery.