The start of a new year is always a chance to change the financial direction of your company and give it a new lease of life. How? That's what we'll see in a moment.
6 Tips for Managing Your Company's Finances
If you want to breathe new life into your company in financial terms, open yourself up to change and take note of these 6 tips that promise to improve the financial management of your business in 2024.
Create a financial strategy/plan
In order not only to have greater financial control, but also to be able to predict, with greater assertiveness, what can negatively influence your company's finances and draw up future action plans, it is important to start by creating a financial strategy/plan.
This plan is undoubtedly of great importance for your company's financial management, since it will be in the hands of the the ability to predict future scenarios, particularly extraordinary expensesand more quickly correct anything that is not working correctly or as expected.
Never mix personal finances with your business finances
Although, in the case of smaller or family-run businesses, it can be complex to "part the waters", our advice is to never mix personal finances with your company's financesThis makes financial control more difficult.
Automating processes and investing in technology
The best way to reduce expenses, maximise profits and streamline your company's financial management process is to automating processes and investing in technology.
So invest in management systems that, among other things, allow you to process data accurately in real time, reduce the bureaucracy involved, help you control stock and monitor payments more quickly and efficiently.
Innovative and effective payments
When it comes to those all-important payments, consider payment methods adapted to the activity and needs of your company and your customers.
For example, if your business is open to the public, we advise you to invest in contactless payment terminals, as this is currently the payment method with the greatest weight in the turnover of Portuguese businesses.
With this in mind, REDUNIQ offers three TPAs that not only give Portuguese businesses the possibility to accept contactless paymentsThey also have the means to have greater control over their lives. cash flow.
For example, if your turnover is small or fluctuates and you don't want to spend a lot on a payment terminal, we recommend looking for a solution such as REDUNIQ Easy.
As well as having no minimum revenue, no commissions, no loyalty period and no annual fee, this terminal will allow you to accept credit and debit card payments (Visa and Mastercard brands) via PIN, Contactless and MB WAY. The big advantage is that the monthly fee is calculated according to your company's monthly turnover.
When it comes to a larger business with a higher turnover, such as a restaurant or local accommodation, which requires a POS with greater mobility and a range of different payment methods, the Android terminal is the best choice. REDUNIQ Smart could be the solution you're looking for.
As well as allowing you to accept card payments by Contactless and Chip, this POS allows you to accept transactions by MB WAY, Apple Pay or Google Pay and, at the same time, give your business the possibility of developing and integrating management and invoicing apps on the same automatic payment terminal, enabling you to automate processes and gain more time for customer service and, as a result, make more sales.
If you're not always in your shop and you want to speed up payments for your customers without having to use a physical terminal, the answer may be to use the REDUNIQ Soft, a payment solution that turns your smartphone into a real mobile POS - Android POS system.
Wherever you are and at any time of day, the REDUNIQ Soft App allows your business to accept QR Code, NFC or Contactless payments quickly and easily.
If your business operates online, REDUNIQ offers you two different solutions that are equally friendly to your financial management: REDUNIQ@Payments e REDUNIQ@E-Commerce.
Starting with REDUNIQ@E-Commerce, this solution for online payments allows your online shop to receive e-commerce payments with Visa and Mastercard debit and credit cards from customers all over the world, while guaranteeing you secure checkoutwith less friction and a higher sales rate.
Meanwhile, the turnkey REDUNIQ@Payments solution, which is aimed at businesses that sell online without a website (through the social networks or marketplaces), will allow you to receive online payments via e-mail, SMS and WhatsApp, by Visa and Mastercard, MB WAY or Multibanco reference, without having to worry about membership costs, fixed costs, monthly fees or integration, by issuing a payment link on the REDUNIQ portal.
Monitor the company's cash inflows and outflows on a daily basis
Taking advantage of the ease and simplicity that REDUNIQ's payment methods offer, follow the cash flow of your company on a daily basis.
This monitoring is essential if you are to be able to follow your financial plan to the letter and forecast future investments based on existing resources.
Control expenses
Control all the company's expenses down to the smallest detail, as this is essential not only for maintaining the priorities defined in the financial plan, but also for later analysing the company's financial health in greater detail.
Once again, taking advantage of the technological input of payment methods such as the REDUNIQ Smart POS or, if your company operates online, the REDUNIQ@Payments and REDUNIQ@E-Commerce online payment solutions, this the task of monitoring expenditure can be carried out in real time in an extremely simple and intuitive way.
Continuously evaluate performance (and re-evaluate strategies)
As with other areas of society, such as sport, it is extremely important to continually monitor and evaluate the performance of your financial strategy and, if necessary, re-evaluate it in order to correct errors and deviations or even change the plan altogether.
Remember, a good financial management allows you to cut expenses, maximise profits and, above all, ensuring the sustainability of your business in the long term.
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