On the topic of getting money, now is the perfect time to sort out all your accounts receivable. Take action right away to ensure you get your money. In this situation, every penny matters! You can’t afford to wait around for payments or to forget to track them. When your company is operating normally, you can sometimes get away with logging payments later than usual or sending invoices behind schedule. Send out invoices right away, track your payments, and so on. Similarly, if you are able to make sales, then be sure to log all of the payments as soon as they happen. Many businesses are struggling to make money right now, so the focus should shift to saving it. You may see instances where an expense can be temporarily cut out completely – or at least reduced in price if you negotiate. It seems pointless to keep up with all your expenses if you’re unable to work at your full capacity. Keep track of every business expense, and see if you can save money wherever possible. However, thanks to your limited operations, this becomes all the more critical. Generally, tracking expenses is essential to see where your money is going. Here are five top tips to get on top of your bookkeeping amidst the coronavirus crisis: Keep track of all your expenses If you’re a business owner that’s looking for advice on this subject, then you’re in the right place. You have to stay on top of the numbers if you want to get through this pandemic in one piece. One of the leading concerns will obviously be bookkeeping. You find yourself in a strange situation where you’re either not working at all, or you’re operating at a limited capacity.This throws up plenty of different concerns as you look to keep your business afloat. The coronavirus outbreak has hit your business with a new challenge – one that it’s probably never faced before.
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