The number one concern of business owners is debt repayment. There is no one size fits all solution for such a problem.
It always amazes me to see just how little business owners care about reviewing their assets and liabilities’ accounts (also known as balance sheet accounts) monthly.
Do any of the following apply to your finance department? Unplanned leave by your head of finance cannot be taken due to no backup plan in place; Ongoing overtime being worked by the head of finance;
Many businesses fall prey to the situation where there is so much focus on growing top-line that bottom-line suffers. Eventually, management looks at the bottom-line results and cannot explain them.
It all seems wonderful when the orders flow in and business growth has finally become a reality…until your accountant mentions that the business is running short of funds to pay salaries and suppliers.