Let’s be honest. It hasn’t been a fun 4 weeks. COVID-19 lockdown restrictions and looting has put a lot of businesses into difficult trading situations while consumers tighten their belts in shock and worry. But there are, always, things to be done in business and South Africans are famous for their tenacity and can-do spirit. So, with this in mind, the Venaccuracc team have put together 5 accounting survival tips for businesses to use until things start to turn again for the positive – and being the eternal optimists we are, we believe they will.
Critical to managing your business in difficult times is a crystal-clear vision of exactly what is going on with your money. How much money is tied up in assets, how much money is due to you by customers, how much money you owe to suppliers. All of these aspects can make or break a business in normal operating circumstances, but when times are tough, it is even more important.
The Venaccuracc team are able to help you make sense of accounting chaos by quickly and efficiently sorting through your books to give you the confidence to make bold financial decisions that could save your business.
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Although the current economic climate is very uncomfortable, it does force businesses to critically examine aspects of the business that may have been running unchecked for some time.
Audit each service provider according to your business needs and take a little time to get in some competitive costings. You may find you are paying for unnecessary services and even if you discover that your service providers are 100% on track, at least you know that aspect of your business is working as efficiently as possible.
For an obligation free quote on accounting services contact the Venaccuracc team here today.
By outsourcing certain functions such as your accounts, marketing and even HR management, you could free up cash flow in your business and often increase efficacy.
Contracted services stipulate exactly what is expected and you can often choose specific aspects that are most important to your business while negotiating prices.
If you need immediate accounting support to help your business find money efficiencies contact the expert team at Venaccuracc here.
Nothing demotivates a team faster than the belief that their jobs are in jeopardy. Look for new opportunities, new routes to market and new ways of doing things.
Get your team involved in solving cash flow problems in the business so that when you find areas you’d like to grow into, you have the fund available to take advantage of those opportunities.
South Africans are notorious for finding a way through tough times but sometimes you do need help. If you are feeling financially stuck give the Venaccuracc team a call here, we specialise in growth-oriented accounting and can help you discern the proverbial wood from the trees.
Apart from accounting help, the leading South African banks also have a variety of financial options available to help and other than that, various debt counselling organisations are also available to help.
While the past month has placed many businesses in extremely difficult circumstance, here at Venaccuracc we believe that the indominable South African spirit will prevail and these times will be remembered as yet another hurdle we have conquered.