Financial management is essential to startups. According to research from the U.S. Bureau of Labor Statistics, approximately 20% of businesses fail in their first year. This rate increases as time passes, with 30% failing in the second year and 50% failing by the fifth.

Effective financial monitoring and allocation in the initial stages of establishing a startup can be the saving grace for new business owners.

Madeline Clarke, writing for TechRepublic Premium, presents 10 best practices for budgeting, accounting and ensuring the financial health of your startup organization.

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SEEK PROFESSIONAL ADVICE

Just because you own a business does not necessarily mean you know all the ins and outs of maintaining its profitability. New business owners often land themselves in financial trouble due to a lack of financial literacy. The various financial terminologies, risk factors and cash flow forecasting methods can take years to understand and master. After all, some people dedicate their entire professions to comprehending business financial management.

Fortunately for new business owners, many such professionals offer wisdom and guidance to businesses aiming to improve their financial health. These experts can assess your organization’s past and present economic conditions and advise on improving its financial health.

Learn how to improve your business performance with our in-depth 10-page PDF guide. This is available for download at just $9. Alternatively, enjoy complimentary access with a Premium annual subscription. Click here to find out more.

TIME SAVED: Crafting this content required 20 hours of dedicated writing, editing and research.