Products

Business Account

One account for all your business financial needs

Virtual Cards

The smartest corporate card for digital SMEs and Startups

Credit Solutions

A line of credit built to scale 10-20x with your working capital needs

Features

Borderless payments

Multi-User Access

Expense Management

Invoice Management coming soon

Cashback

Rewards

PricingIncorporation
Company

About us

Partner with us

Contact
LoginOpen Account
Blog
Product Updates
Case Studies
Corporate Card
Business Accounts
Incorporation
SME Loan
Cash Management
Marketing Tips
News & Press
Business Guides

Practical Tips to Manage Business Finances From Home

October 14, 2020
October 15, 2020
5 mins read
Practical Tips to Manage Business Finances From Home

Working from home has become the norm over the past few months because of the coronavirus pandemic. But for small business owners, managing business finances from home might not be a new venture.


As many small business owners start operating from their homes, it might be difficult to put your foot down on how to manage business processes. One of the top concerns new business owners have is how to manage business finances from home.


Being a new business owner can be confusing and overwhelming. However, rest assured that you aren’t the first person to be experiencing these troubles. To help you get started, we’ve come up with a few tips on how to manage your business finances from home.


5 ways to manage business finances from home for a new business owner


1. Don’t mix business and personal finance


If you’re operating from home, you’re most likely already treading the line between business and personal space.


Confusing business and personal financial transactions can really mess up your business processes. Which is why we recommend separating business and personal finance. There are several steps to do this, but the two most important are:

  • Choosing a business bank account
  • Getting a business credit or debit card


Having a separate bank account for your business makes it way easier to track company related expenses. This way, you’ll also have a clearer idea of your revenue. Nowadays, business bank accounts come with an integrated accounting network that could help you track your expenses.


2. Come up with good payment strategies


E-commerce businesses are a dime a dozen in Singapore. While there are many new online businesses joining the community, there are several unanswered questions new owners commonly ask.


One of the most common questions when it comes to running a business is what payment methods to include on a site.


Well, having a variety of online payment options can help you to boost e-commerce sales, and also encourage customers retention. Take a look at the 5 most popular online payment options for small businesses in Singapore.


But having a good online payment strategy doesn’t just have perks in the customer department. It also enables small business owners like you to easily track transactions.


3. Pay your bills punctually


No one likes late payment. The best way to manage your business finances from home is to set up a recurring bill payment. Doing so can help to automate monthly supplier or vendor payments.


This effectively eliminates the chances of you being late on your payments, and can help to increase the rapport and trustworthiness of your company.


In order to keep track of your inventory and recurring bills, consider hopping onto a business finance app. These apps usually enable business owners to input their bank details and payment dates, making recurring payments ultra-convenient.


4. Learn to use accounting software


Unfortunately, running your own business means you’ll have to get comfortable with numbers. Bookkeeping, taxes, and accounting are crucial to making sure your company complies with governmental laws. They also provide insight into possible business strategies your company could implement. Tasks like annual filing of taxes and accounts are part of running a business in Singapore.


Even if you hire a bookkeeper or have an accountant in your team, knowing the basics of accounting is essential to make money-related decisions for your company.


If you’re working from home, enrolling in a quick online course might help you to gain some basic accounting knowledge.


5. Keep an eye on finances


Cashflow problems and badly managed finances are some of the top causes of young business failures. Failing to plan properly or spending more than you can afford will lead to dire consequences.


In order to keep an eye on your business finances, we recommend tracking bank statements using apps or business software. As mentioned before, these business platforms are usually tied in with your business bank accounts, making financial tracking a walk in the park.


Being on top of your business finances means being able to predict possible pitfalls before they occur, helping you put in place SOPs or cushioning measures.


Get started on managing your business finances


Managing business finances might sound like a lot, but don’t fret. There are many business finance platforms on the market dedicated to streamlining business processes.


Aspire is a platform that integrates your business account, business debit card, and business reports all in one place. Platforms such as Aspire can give you a wider view of how different areas of your business strategy are working together.


If you’re planning on starting a business, Aspire offers instant incorporation packages. Depending on the package you choose, you can even opt for accounting services. Take your hands off the nitty gritty business details with Aspire!

Find out more about Aspire

Want more expert tips on managing your business better?

Subscribe for our newsletter and stay in the know
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Related posts

January 12, 2021
•
10 mins read

20 Best Accounting Software Tools for Businesses in Singapore (2021 Edition)

January 14, 2021
•
8 mins read

10 Tips to Simplify Bookkeeping for New Businesses

Cash Management

supported by

Business banking doesn't have to be hard. At Aspire, we've made it easy, fast, and transparent. So you can focus on what matters — growing your business.

STAY IN THE KNOW

Thank you! Your submission has been received!
Oops! Something went wrong, please try again.

Products

Business AccountCorporate CardFX International TransferCredit Line

Features

Multi-User AccessExpense ManagementRewardsCashback

Platform

Help DeskPricingBusiness accounts comparisonTerms of useAcceptable use policyComplaints policyPrivacy policy

Company

About usContact usBlogCareersNews & pressPartner with us

Kickstart

Incorporate your companyAdvisory Marketplace
Consumer advisory - Aspire FT Pte. Ltd. is currently exempted from holding a licence to provide payment services under the Payment Services Act (No. 2 of 2019). You can find the list of exempted entities here. Credit lines to businesses are issued by Aspire Financial Technologies Pte. Ltd, which is an exempted moneylender under the Moneylenders Act (Cap. 188). Visa cards are issued and powered by NIUM Pte Ltd. Consumers and cardholders are advised to read all terms and conditions which can be found here.
If you wish to discuss data protection matters, please contact our Data Protection Officer at singapore-dpo@aspireapp.com