Being busy as a bee in building your business? We understand. But, amidst everything, we would like you to pause and think about that one component you should never compromise in your business- The financial health.

Spare a few minutes & allow us to help you understand, how to maintain the financial health of your business with some simple precautionary measures.

Doesn’t matter if your company is a start-up or an MNC, there are certain things that you must keep in check in order to prevent your company’s fiscal health from hitting rock bottom.

Financial Health
Do not mix personal finance and business finance

1. Do not mix personal finance and business finance.

While owing a business, you might tend to look at your personal and business finance as one. But clearly, both aren’t the same. The management of each varies. The complexity of financial management in business is significantly higher. Mingling the two makes book-keeping tougher. Therefore, to maintain accuracy of financial records, you must set apart personal finances and business finances.

2. Financial Literacy is important.

It is a must to have financial literacy. This is a prerequisite for starting any business. But is often over-looked. A business owner should be familiar with everything related to money management- from controlling and managing debts, assets, equities, liabilities, cash inflow and outflow to dealing with taxation and compliance.

Financial-Literacy
Payment Automation tools

3. Invest in fintech tools

Technology has become the prime norm today. Invest in fintech tools to automate your financial management. There are different automation tools that serve different purposes in financial management, helping you ease your interaction with credit, debit and savings. Example, Payment Automation tools can help you eliminate credit defaults in businesses making way for consistent cashflow. Consistent cashflow leads to good financial health. Similarly, there are many fintech tools that can help you maintain good financial health.

Is it possible to find all fintech tools required for your business in one platform?

Yes! RinggitPay has built a full-fledged business payment ecosystem that serves as a one-stop solution for all financial challenges that could be possibly encountered in a business.

Some of the solutions that RinggitPay includes

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Payment links /
Digital Invoice

To collect payment instantly via messaging channels

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Automated payment reminders

To prevent payment defaults from customers’ end

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Reconciliation Reports

To monitor payment status and maintain financial records with ease

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E-mandate

To automate recurring payments

RinggitPay also comes in handy with many other solutions about which you can learn more here in detail.

If you have still not taken any of the above-mentioned measures which are essential for the fiscal health of your business, it is high time to get started with at least one today.

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