By Lesa 
The great thing about running a small business in the modern world is you no longer have to be tied to a desk or an office. With the right tools and procedures in place, business owners can manage things from almost anywhere in the world. Your business finances in particular can be a tricky area to manage, but you no longer have to crunch the numbers from your cubicle or meet with accountants face to face. Whether you are working from home, travelling to meetings, or halfway across the world, remote financial management enables you to save time, reduce stress, and focus your efforts on your business.
Here are some ways small business owners can manage their finances remotely.
Use cloud-based financial tools
Cloud-based accounting tools allow you to access your business information from any device with an internet connection. These platforms make it easy to track income and expenses, review reports, and monitor cash flow in real time.
Wherever you may be in the world, you can check financial performance from your smartphone and spot potential issues early. This level of visibility helps business owners make better decisions, even when they’re not on-site.
Use the right payment systems
One of the biggest challenges of managing finances remotely is handling payments. This applies to payments made by customers to, as well as the payments you need to make to suppliers and providers.
Customers expect convenience, and there is no excuse for any delays in this process. Use a modern payment solution that allows you to accept payments anywhere, whether that’s in your retail store or online. This gives you a great deal of flexibility that will prevent delays and improve cash flow. You don’t have to miss out on sales just because you’re not physically present.
Automate
Automation is a powerful tool for remote financial management. Automating recurring tasks such as sending invoices and payment reminders can save time and reduce errors. Bills will always be sent on time, even if you are out of signal in the Borneo jungle. And payment is not made by the deadline outlined in your terms of contract, an automated follow-up email will be sent.
These automations minimise the administrative work required, enabling you to focus on your business.
Separate business and personal finances
Managing finances remotely is much easier when business and personal accounts are kept separate. Make sure you have a dedicated business bank account and cards, which make it clear which transactions belong to the business. This simplifies record-keeping as every single business payment is in one place, thereby minimising the risk of account error. This will be hugely beneficial when it comes to reviewing financial reports or submitting your taxes.
Review finances regularly
Just because you are managing the business remotely, that doesn’t mean you can step away completely. You have to set aside time to regularly review key financial metrics such as cash flow, expenses, and outstanding invoices. Remote management doesn’t mean being hands-off. These regular check-ins help you stay informed even when you are on the move.
In summary, managing a business remotely should not compromise the efficacy with which you can manage your business accounts. As long as you have the right tools in place and are proactive in reviewing your finances, you can maintain cash flow and avoid costly errors.