Money Management is a MUST during this trying/difficult economic times and every individual or business enterprise should always go for cost effective measures to manage cash position. A business owner or individual should spend their money on interest bearing things or items and should identify NEEDS and WANTS. Spending beyond our earning or sales capacity and uptick in prices of goods, raw materials & gasoline could cause business bankruptcy or emotional stress.
On a personal point of view, everyone should understand their buying and spending behaviour. Every business enterprise should monitor their cash flow. It should be also be taken into consideration on when or when not to use credit card or apply for business loan.
One of the effective measures in cash or money management is the use of Business Checks. The following tips will help you managing your money by using Business Checks:
For easy tracking of business and personal expenses
Business checks can be used as paper trail for monitoring cash position and money management by depositing immediately the business check upon receipt for encashment which can lead to fast collection. Depositing it a day after could lose you a day float.
You can check ending cash balances versus bank statement of accounts anytime and money disbursement can be put on hold immediately if cash on hand is not enough or by opening a remote bank checking account can help disburse your money slowly.
Payment of business or personal checks for emergency purposes is better off than using credit cards
Considering you have enough bank cash on hand, during emergency purchases or payment, it is better to use business or personal check rather than credit cards. Credit cards immediately charges you of interest upon use while if you use business check, you can manage your account by putting or stating specified date on the encashment of business check.
Identify or determine your NEEDS and WANTS
Everybody should disciplined themselves to SPEND LESS THAN WHAT YOU EARN. Avoid using credit cards and practice cost cutting. Before doing or approving purchases for business or personal, examine and ask first, do you really need it? Is the item or thing or service rendered, a one time use? How much will it cost? Will the goods &services I will get, give benefit for a long term?
If you are using business check, you can immediately see the ending cash on hand before you decide to buy or purchase an item or services. Hence, this will make you realize how this item, goods and services affects my financial or cash position.
Business Checks are very secure, compact and easy to carry
Owning a business check is very classy and professional looking. You can tailor and personalized it. One of the control for the use of business check, is that, it requires two signature specimen to avoid fraud.
You can have your company logo, name and address imprinted on your business check and are classy with different designs. For an individual who is on the go, business checks are very handy and easy to carry.
If you want to own a business check, you must have a Bank Checking Account.
Business checks can help eased and simplify your payroll payment and by opening a bank checking account, it will make you a premium or selected customer. Opening a check account interest is higher than a savings account.
Business checks are user friendly, most especially, if you are to use some business applications such as Quickbooks, Intuit which can help you or your company improve and organize financial transactions. This will help you monitor or manage CASH Flow. Excellent money management will determine your company’s financial strength and it’s a tool for survival.
Photo Credit: Flickr/Pete