The Smarter Path to Financial Returns

The PSA Blog

Helpful news, tips and business advice for small to medium business owners about how to maximise profit, minimise waste and grow and protect your business.

Discover 10 easy tips to manage business bills efficiently with PSA Capital Investments.

10 Easy Tips to Help You Stay on Top of Business Bills

Keeping up with bills and managing finances is a constant challenge for business owners, often feeling like a full-time job in itself. At PSA Capital Investments, we understand that staying on top of your business bills can be a tough task to juggle, but it’s crucial for maintaining a healthy business. As Australia’s leading private lender for small to medium businesses, we’re here to share 10 easy tips that can help you keep your finances in check.

1. Allocate Time to Deal with Bills

Time management is key. Managing your business finances requires a structured approach, and dedicating a specific time each week for bill management can make a big difference. By setting aside a regular slot each week, you’ll have a consistent routine to review, organise, and settle your bills, preventing them from piling up or being overlooked.

2. Keep Consistent Track of Bills

Maintaining a consistent record of all incoming and outgoing bills is essential. Financial management software like QuickBooks or Xero can help streamline this process by keeping all your bills in one place. Using these tools gives a full view of your finances and easy access to past data, so you can spot trends, manage cash flow, and make smarter spending decisions.

3. Delegate Your Tasks

Don’t shoulder the burden alone – assign a trusted employee to monitor bill deadlines and payments. Delegating responsibilities will help your team grow and streamline bill management, making financial tasks more efficient and less stressful for everyone involved. With these tasks delegated to an employee, you can focus on your business’s growth and strategic planning.

4. Trust Your Employees

Building on the previous point, empowering your employees by trusting them with this responsibility encourages a culture of transparency and reliability within your team. This fosters a sense of ownership and commitment, as team members directly contribute to the financial well-being of the business.

5. Automate Record Keeping

Streamlining your record-keeping through automation can drastically cut down the hours spent on manual data entry. With 83% of small businesses planning to boost their investment in outsourced business services, it’s clear that more and more business owners are outsourcing tasks like record keeping to save time.

6. Link Credit Cards and Bank Accounts

By linking your credit cards and bank accounts to your accounting software, you’ll save time on data entry. This automation can help you keep a real-time record of expenses and income, enabling quicker adjustments to your spending patterns and helping ensure bills are paid on time.

7. Separate Personal Bills from Business

Mixing personal and business finances can create confusion and may lead to financial mismanagement. Always use separate accounts for your personal and business finances to simplify tax time and budgeting. This establishes a clear financial boundary that protects personal assets from business liabilities, and provides a more professional image to lenders and investors.

8. Create a Business Budget

A well-structured business budget gives you a clear overview of your finances, helping you to plan for future expenses and avoid late payments. A business budget enables strategic decision-making by highlighting areas where costs can be cut, investments can be made, and efficiency can be improved. 

9. Create an Emergency Fund

Unexpected expenses can arise at any time. An emergency fund provides a financial safety net that can help you cover these unexpected bills without disrupting your regular cash flow. This proactive approach ensures your business remains stable and operational, even in the face of unforeseen financial challenges.

10. Add More Sources of Income

Diversifying your income streams not only bolsters financial security but also positions your business to handle loan repayments better if you decide to borrow for expansion or operational costs. Exploring new services, products, or passive income avenues can strengthen your business model and financial standing, making you a more attractive candidate for loans.

Streamline Your Finances with PSA

Staying on top of business bills doesn’t have to be a stressful part of running your company. By implementing these simple tips, you can streamline your financial processes, reduce your stress, and free up time to focus on growing your business. At PSA Capital Investments, we’re committed to supporting you every step of the way with services tailored to make your financial management tasks as effortless as possible. 

Ready to get your business finances under control? Let’s work together to make financial management a breeze. Contact us on (03) 9847 7689 – we’re here to help you find the best financial solutions to support your business goals.

Author picture

PSA’s Director, Peter Marmara-Stewart, is a highly successful business owner and finance professional in Melbourne. As a certified Financial Planner with over 15 years of experience in business finance, accounting, and asset management, he provides clients with unparalleled expertise in asset protection, debt elimination and business restructuring. Call (03) 9847 7689 and see how Peter and the PSA team can help you get on the smarter path to financial returns.