Many businesses have excellent products and growing numbers of satisfied customers yet they still end up as business failures because they have not controlled their finances. If you are struggling to manage the finances of a new or growing business, here are ten tips that will help to put you on the road to success:

1. Keep on top of your bookkeeping right from the start. If you put off your paperwork you risk forgetting crucial costs or even worse, failing to invoice a customer.

2. Track your VAT and make accurate returns. This need not be a daunting task. Seek help and advice if you need it, just don’t get behind in doing your returns.

3. Do your banking online, it saves time and money. Make sure you check all of your bank statements and don’t go below your authorised balance limits.

4. Take control of your margins and sales revenue with documented quotes, orders and invoices. Doing the work or supplying the products is a waste of time if you are not making a decent margin or getting paid correctly.

5. Ensure your financial documents reflect your company branding. Create your own distinctive forms, adding colour, images and your logo. Use every opportunity you have to put over your company branding and selling points.

6. Cash is king when you start a business so plan ahead. Anticipate key costs and save time by scheduling recurring invoices and purchases. This will help plan your cash flow and keep good relationships with your key suppliers.

7. Control stock tightly. Keep track of your stock items and movements. Set limits for stock-holding and find ways to improve your stock turns.

8. Make sure you pay yourself and your staff on time and keep accurate records. Cut down on hassle and worry by keeping up to date with tax and national insurance payments.

9. Complete P14 and P60 end of year summaries for submission to HM Revenue & Customs. Get them submitted on time and take advice from an accountant when you need it.

10. Support business growth with international trade. Make sure you can record transactions in multiple currencies and keep track of foreign currency exchange rate gains and losses. Check that your margins hold up for foreign sales as currency fluctuations can eat into your profit.

Managing your business accounts is quick and easy with the right financial software. Businesses for Sale has partnered with Rentsoft™ to give customers the opportunity to use full versions of well-known business software applications on a subscription basis. Prices include technical support and upgrades, and most subscriptions include a FREE trial period.

The Rentsoft™ range includes a number of financial and accounting software products such as KashFlow Accounting Software, Mamut Accounting and Mamut Office. Visit www.rentsoft.co.uk/b2bhub for more information and to create a new subscription. You could be running a trial of an accounting application with just a few clicks of your mouse.