By Gerri Detweiler –
Credit scores are often seen as the number one obstacle that prevent small businesses from getting financing. But disorganized financials may be equally to blame.
In today’s challenging economic environment in particular, lenders want to make sure your business is viable and will be able to repay the debt. Organized and up to date finances are essential if you want to increase your chances of getting approved. Here are 5 simple ways to organize your business finances. Click To Tweet
1. Create an Easy Filing System
“We think ignorance is bliss, but really is it filled with headaches and fear,” says Belinda Rosenblum, CPA, money strategist for business owners, and founder of OwnYourMoney.com. “Avoiding your paperwork and bills — or even a huge ‘to file pile’ — is a costly recipe for disaster,” she says. “Not opening bills often causes missed deadlines or even late fees. Opening them but then letting them pile up without filing anything can cause you to feel disorganized and out of control.” (more…)