5 Common Financial Mistakes

January 10, 2020


Being in this business for so long, we’ve seen our fair share of financial slip-ups and mistakes. Of course, every business owner makes mistakes here and there, but some mistakes can be devastating if you’re not careful. Take charge to prevent financial disasters before they happen to your business. Get the help you need from our accounts receivable funding company. 

1: Not Having A Plan

Some things you can’t make up as you go, but time and time again, many small businesses go under because a plan wasn’t made for financial needs, or nobody thought about possible disasters. If you don’t have a plan from the beginning, anything can happen. 

2: Not Preparing For Taxes

There are two things that don’t change in life: death and taxes! We all have to pay the price or face the consequences, but what can you do when you’re short on cash? Of course, factoring could help out when you’re in a pinch, but what could you do to prevent emergency situations?

Depending on what kind of business you are, each company has different federal and state tax obligations. Find out what forms you need and when you need to pay. Now write it down and put an alert or two in your phone. Neglecting to pay taxes can bring some steep penalties. Ones you really don’t need to deal with because they’re preventable!

3: Not Having Some Money Put Away

“Save your money for a rainy day” is something all of our mothers have told us time and time again. And it’s true—no matter if you have a piggy bank or a small business. Throwing all your money at something may feel like a good idea now, but what will you do if the unexpected happens? What if someone gets hurt? What if an essential piece of equipment breaks? Neglecting to account for the possibility of disasters leaves you vulnerable to a financial crisis.

4: Unorganized Accounts Receivables Department

Your business could be booming! But if your AR department is at a standstill, you’re not getting the cash you need. Piles of bills could sit untouched and uncollected, and that could be costing you thousands of dollars. It’s still your money, but no one is paying it. Using an accounts receivable company such as United Capital Funding is perfect to combat this. We act as your AR department and get you the money held up in invoices.

5: The Wrong Workplace Environment

Unfortunately, if an employee is not keeping up with standards, they’re costing the company capital. Even employees who meet company standards can affect workplace morale if they have poor professionalism. Consider sitting down with these employees to discuss how they can improve in the new year. Employees who work hard and get along with one another will bring profitability.

Help From Our Accounts Receivable Funding Company

No matter if you’re in financial need or not, UCF is here to help you and your business succeed. Have a question about our practices? Give us a call at 866.647.2680 or contact us online. We’re always ready to help our future customers. If you’re ready to factor your accounts receivables, apply today, and have your money sooner rather than later.