2020 is right around the corner, and as you prepare some well-deserved time off over the holidays, plus (gulp!) self-employment tax deadlines, it’s a great time to get your 2019 finances squared away. In celebration of our new Perks partnership with monday.com, Revolut for Business presents our top tips to better manage your small business’ finances in the new year.
1. Get a dedicated business account
This may sound like a no-brainer, but many small businesses don’t have dedicated business bank accounts, using personal accounts instead. Taking this simple step can help you avoid a number of pitfalls down the line. Even if you’re a sole trader, having a dedicated account will help you to look more professional, and keep you organised. Not only will a dedicated business bank account help you monitor and make payments, but you’ll also be able to more easily track your taxable income. Plus, if you’re operating as a limited company, you’ll need a business account for legal reasons. Opening a business account is simple and fast with Revolut for Business, and you can pick a plan that’s a perfect fit for your business.
2. Create a budget for every project
There’s one question you should always be able to answer at the first project meeting: “What’s the budget?” Luckily, it’s easy to track budgets with monday.com and Revolut for Business. When you’re planning your project, it’s easy to build a budget using the numbers column. On monday.com, you can use a handy two column approach: one for estimated costs, and one for actual costs. By tracking your budgets on monday.com, you’ll be able to compare them to your actual costs on Revolut at a glance. That’s better budgeting!
3. Keep your expenses organised
Expense management can be a nightmare if you don’t have a good system in place. By eliminating gaps and opportunities to miss out receipts and vital information, you can protect yourself against reconciliation mysteries down the line. Just like socks in the dryer, paper receipts just love to go missing from desks, handbags, and wallets. With Revolut’s integrated expense management tools, members of your team can upload receipt images from anywhere, or upload PDF receipts easily. Plus, they’ll get automatic reminders to ensure that all of their expenses’ vital information is attached. Then, as the account admin, you’ll have access to approving or denying expenses, plus tracking the ins and outs of all of your accounts, all in one place.
4. Ditch the petty cash
Just like paper receipts, cash can be cumbersome and hard to keep track of. Instead of handing out petty cash or making employees pay out of pocket, we recommend corporate cards. They’re easy for your designated cardholders to use, plus you’ll be able to order cards, create virtual cards, and control budgets and spending all from your Revolut dashboard. Admins can set monthly limits and get statements for each card, and keep everything perfectly aligned to the almighty budget.
5. Integrate with the apps you already use
Even the best-built tools are ineffective if you don’t use them. Staying organised is all about implementing tools you can and will use on a daily basis. Using a suite of products that work together will give you the best chance of success. Revolut works with many of the apps you already use and love; like QuickBooks, Xero, Slack, FreeAgent, Concur, and Sage. Plus, an Open API that allows you to build your own custom solutions as well. If you stock your toolbox well, you’ll be ready for anything.
By following these simple tips, you’ll be able to conquer whatever the new year throws your way; be it expanding into new regions or taking on a barrage of new clients. Here’s to a well-organised, financially savvy 2020 for you and your small business.