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7 Tips to Master Small Business Finances

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Small Business Finances

The small business market can be very competitive in more ways than one. The most important thing to realize when running a small business is that it can be very difficult to take care of all aspects of your business.

With that understanding, it will also become clear how much of the business may be unknown to the business owner, and how important it is to learn as much as possible.

One of those areas that many small business owners have difficulty with is the financial aspect. It can be overwhelming to consider all of the financial knowledge that is missing and how to go about gaining that knowledge.

For that reason, we’ll look today at the 7 best tips to help owners master their small business finances.

Tip #1: Get familiar with your financial statements

When you consider the most important financial documents any business owner needs to know about, it usually comes down to the three financial statements.

These essential documents are:

  • the cash flow statement – this document measures your investments and your financing and operating activities. It helps you determine how much cash is flowing into and out of your business.
  • profit and loss statement – this is also called the income statement, and it allows you to review your business’ income and expenses
  • balance sheet – this document is known for giving a good idea of your business at any time. It overviews your assets, liabilities and shareholders’ or owner’s equity

When you get familiar with these three documents, you’ll be able to have a much greater understanding of your company’s financial status at any time.

Tip #2: Don’t procrastinate on your invoices

Another great tip overall is to not keep putting off your financial responsibilities. As a business owner, it’s easy to get swamped by everything else happening in your business or life.

Therefore, by thinking of another responsibility, another task you need to do, you get overwhelmed and keep on procrastinating. You need to be aware of what an invoice is and why you need to stay on top of it consistently.

There are many great resources out there to help you with your small business invoicing, both free and paid. Online invoicing software services generally have a lot of features that help you to send your invoices quickly and create expense reports with ease.

Tip #3: Keep your finances separate

Although it’s general knowledge to not mix business with pleasure, many small business owners still mix their business and personal finances. They use the same bank account and same cards for both their personal and business purchases and this will cause big problems for their taxes.

One of the best finance tips is to be very strict in your personal and business expenses. Get separate bank accounts, get separate cards, keep your receipts separate, and always pay yourself first from your business account.

Tip #4: Request discounts

It is surprisingly easier to get free or lower-priced services than you would assume. This is especially true for SaaS businesses, who are always very willing to provide great offers on their services if you ask.

You may be able to not just ask for free, but to barter by providing a service in exchange for another service. For example, if your business does web design, you can offer free consultation or redesign in exchange for invoicing services.

Unless you ask, you won’t know which companies are willing to provide you with discounts.

Tip #5: Cut down on variable costs

There are generally two costs that you have—fixed costs and variable costs. Your fixed costs are things such as property taxes, insurance, and utilities and are less flexible, as there may not be anything you can do to reduce them.

Your variable costs, on the other hand, are more controllable. These are the costs of labor or materials that will change with sales. In order to reduce variable costs, you can try to minimize labor costs, shipping charges, salaries and more.

It is also important to cut back on expenses in your personal life, which will give you greater discipline. Instead of buying your next good or service, ask yourself whether it is really necessary, and if so, whether it is necessary now. These simple questions can help you lower your expenses and build up your discipline.

Tip #6: Measure your financial performance

One of the best finance tips concerns your strategic business goals. In order to properly determine the goals and the steps to achieve those goals, you’ll need to use a goal-setting system, such as the SMART system.

SMART stands for Specific, Measurable, Attainable, Relevant and Timely, and all concern the goal that you have, whether long-term or short-term.

When you have these goals, you will be able to measure and compare your financial performance regularly to past ones. This will help you set better goals for the future and provide you with better finances.

Tip #7: When in doubt, get some help

This is a particularly glaring mistake, but one that is easy to fall victim to. Many small business owners just put too much responsibility on their shoulders and sooner or later they burnout.

This is because they’ve transformed themselves from the standard business owners to the small business Superman. They do the marketing, the sales, the accounting, the customer service, the social media—they even fix the water pipes if you ask them.

They simply do too much, and their business suffers for it, sooner or later. This is not recommended. Although there is a cost to hiring expert help, there is also a lot of time and money saved.

Even better, getting help means you’ll be able to focus on the most important part of your business, and thereby increase your finances.

These are some of the best finance tips available for small business owners and entrepreneurs. Taking care of your financial responsibilities is no joke, but it doesn’t have to be extremely difficult. Although there are often difficult times in every business, this should not be excused for bad money management.

By educating yourself and learning the finance tips to help you and your small business, you’ll find greater success and much more improved finances.

Bernard

Author bio: Bernard Meyer is Head of Marketing at InvoiceBerry, the online invoicing software dedicated to helping small businesses and freelancers send invoices quickly and professionally. You can find him on Twitter and LinkedIn.

Solvency Ratios | Example | Formula | Analysis

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What is Solvency Ratios:

Solvency Ratios is used to measure the capability of a business to fulfill its long-term debts. Furthermore, solvency ratios identify going concern issues and a company’s ability to pay its bills in the long term. Solvency ratios is also known as leverage ratios,

Many people puzzled between solvency ratios with liquidity ratios. Though they both measure the ability of a company to repay its responsibilities to creditors, bondholders, and banks. Solvency ratios focus more on the long-term sustainability of a business instead of the current liability payments.

Better solvency ratios show a more creditability and financially sound company in the long-term.

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The frequently used solvency ratios include:

  • Debt to Equity Ratio
  • Equity Ratio
  • Debt Ratio

  1. Debt to Equity Ratio:

Debt to Equity Ratio is a Solvency ratio that compares a company’s total debt to total equity.

Lenders and creditors are closely watched Debt to Equity Ratio, as it can provide timely warning that the organization is so overcome by debt that it is unable to meet its payment obligations

The debt to equity ratio shows the percentage of company financing that comes from creditors and investors. Usually, the higher the ratio of debt to equity shows that more creditor financing such as bank loans are used than investor financing such as shareholders.

Formula of Debts to Equity Ratio:

Debt to equity ratio formula is simple. It is calculated by dividing total liabilities by total equity.

debt to equity ratio formula

Take the illustration of TOYO Co It has $200,000 of bank Credit and a $600,000 mortgage on its property. The shareholders of the TOYO Co have invested $1,300,000. Example Debts to Equity Ratio

Now put the data into the formula.

Debts to Equity Ratio =  Total Liabilities
                                          Total Equity

Debts to Equity Ratio =  200000+600000
                                            1300000

Debts to Equity Ratio =  0.6

A debt ratio of 0.6 shows that the liabilities of TOYO Co is half than its Equity.

Scrutiny/Analysis of Debts to Equity Ratio:

A lower debt to equity ratio generally indicates a more financially stable business.
Businesses with higher debt to equity ratio are considered riskier to creditors and investors than businesses with a lower ratio.

Debt to equity ratio of 1 would mean that investors and creditors have an equal stake in the business assets.

  1. Equity Ratio:

The equity ratio also knows investment leverage. It is a solvency ratio that measures a number of assets that are financed by owners’ investments by comparing the total equity in the company to the total assets.

The equity ratio highlights two key financial concepts of a solvent business.

  1. If all of the liabilities are paid off, the investors will end up with the how many remaining assets.
  2. Element inversely shows how leveraged the company is with debt. The equity ratio measures how much of a firm’s assets were financed by investors.

Companies with higher equity ratios show new investors and creditors that investors believe in the company and are willing to finance it with their investments.

Formula of Equity Ratio:

Equity Ratio is calculated by dividing total equity by total assets. We can say, all of the assets and equity stated in the balance sheet are involved in the equity ratio calculation.

equity ratio formula

Example of Equity Ratio

We assume TOYO Co total assets are stated in the balance sheet is $250,000 and his total liabilities are $50,000. The total equity is $200,000. Here is TOYO Co equity ratio.

Equity Ratio = Total Equity
                         Total Assets

Equity Ratio = 200000
                          250000

Equity Ratio = 0.8

 

TOYO Co ratio is 0.8 this is a strong equity ratio. It means that investors instead of debt are currently funding more assets. 80% of the company’s assets are owned by shareholders and not creditors.

Scrutiny/Analysis Equity Ratio

Generally, higher equity ratios are usually favorable for companies. This is typically the case for numerous causes. Higher investment levels by shareholders indications potential shareholders that the business is worth investing. Thus many investors are ready to finance the business.

Equity financing is much inexpensive than debt financing because of the interest expenses related to debt financing. Companies with higher equity ratios should have less financing and debt service costs than companies with lower ratios.

  1. Debt Ratio:

The debt ratio is a solvency ratio and can be defined as the ratio of total long and short-term debt to total assets. It can be understood as the proportion of a business’s assets that are financed by debt. We can also say, this shows how many assets the company must sell in order to repay all of its liabilities. It is stated as a decimal or percentage.

This ratio measures the financial leverage of a company. The higher levels of liabilities compared with assets are considered highly leveraged and riskier for lenders.

This helps investors and creditors to analyze the complete debt liability on the business along with the business’s capacity to repay the debt in future.

Formula of Debt Ratio:

debt ratio formula

Example of Debt Ratio:

TOYO Co applying for a new loan in the bank. The bank asks for TOYO Co balance Sheet to inspect his complete debt levels.

The banker notices that TOYO Co has total assets of $200,000 and total liabilities of $100,000. TOYO Co’s debt ratio would be calculated like this:

Debt Ratio = Total Liabilities
Total Assets

 

Debt Ratio = 100000
200000
Debt Ratio  = 0.5

TOYO Co only has a debt ratio of 0.5. In other words, TOYO Co has 2 times as many assets as he has liabilities. This is a quite low ratio and indicates that TOYO Co will be able to repay his loan. TOYO Co should not have a problem getting accepted for his loan.

Scrutiny/ Analysis of the Debt Ratio:

A lower ratio is more favorable than a higher ratio.

A lower debt ratio typically indicates a more constant business with the potential of durability since a company with lower ratio also has lower complete debt. Each business has its own standards for debt, but .5 is sensible ratio & considered to be less risky.

Furthermore, company’s liabilities are only 50 % of its total assets. Basically, only its creditors own half of the company’s assets and the shareholders own the remainder of the assets.

The debt ratio of 1 means that total liabilities equals total assets. It means that if a company have to repay its total liabilities then it would have to sell off all of its assets. Once its assets are sold off, the business no longer can function.

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Liquidity Ratios | Example | Formula | Analysis

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Liquidity Ratios

Liquidity Ratios examine the capability of a company to repay both its current liabilities as they become due along with their long-term liabilities as they become current.

In other words, Liquidity Ratios measure how quickly assets can be turned into cash in order to pay the company’s short-term debts.

Liquidity is not only a measure of how much cash a business has. It is also a measure of how easy it will be for the company to raise enough cash or convert assets into cash. Assets like accounts receivable, trading securities, and inventory are relatively easy for many companies to convert into cash in the short term. Thus, all of these assets go into the liquidity calculation of a company.

Usually, the higher the liquidity ratios are, the higher the margin of safety that the company possesses to meet its current liabilities.

If Liquidity ratios greater than 1 it show that the business is in good financial health and it is not as much of expected to drop into financial problems.

Examples of Liquidity Ratios

  • Quick Ratio
  • Acid Test Ratio
  • Current Ratio
  • Working Capital Ratio
  • Times Interest Earned Ratio

It is noted that some experts think only the cash and cash equivalents as relevant assets because they are probably to be used to meet short-term liabilities in a crisis.

Some experts think the debtors and account receivables as related assets as well as cash and cash equivalents. Some experts considered the value of stock/inventory is also related asset for calculations of liquidity ratios.

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Here are the types of liquidity ratios.

  1. Quick Ratio

The quick ratio is also called acid test ratio. It is a liquidity ratio that measures the capability of a business for payment of its current liabilities with only current assets when they come due.

Current assets are also called Quick assets that can be converted into cash within 3 months/90 days or in the immediate. Cash, cash equivalents, short-term investments or marketable securities and current accounts receivable are considered current assets.

The quick ratio is often called the acid test ratio in reference to the historical use of acid to test metals for gold by the early miners. If the metal passed the acid test, it was pure gold. If metal failed the acid test by corroding from the acid, it was a base metal and of no value.

The acid test of finance indications how well a business can quickly convert its assets into cash with the purpose of repaying its current liabilities. Acid test ratio also shows the level of quick assets to current liabilities.

The Formula of Quick Ratio:

 quick ratio formula

An Example of Quick Ratio: 

I have take-up an example of TOYO Co Shoes Store. The company applied for the loan so the bank requests TOYO Co for a comprehensive balance sheet, so it can calculate the quick ratio. TOYO Co balance sheet involved the following accounts:

  • Cash: $20,000
  • Accounts Receivable: $10,000
  • Inventory: $12,000
  • Short-term Investments: $2,000
  • Current Liabilities: $30,000

Quick Ratio = Cash + Cash Equivalent + Short Term Investment + Current Receivable

                    Current Liabilities

 

Quick Ratio = 20000+10000+10000+2000

                30000

 

Quick Ratio = 1.4

As you can see TOYO’s quick ratio is 1.4. This means that TOYO can settle all of her current liabilities with quick assets and still have some quick assets available. 

Scrutiny/Analysis of the Current Ratio:

Higher quick ratios are more favorable for businesses because of it indications there are more quick assets than current liabilities. A business with a quick ratio of 1 indicates that quick assets equal current assets. It is also indications that the business could repay its current liabilities without selling any durable assets. An acid ratio of 2 shows that the business has double current assets than current liabilities.

The Higher quick ratio is a good sign for investors, but an even better sign to creditors because creditors want to know they will be paid back on time.

  1. Current Ratio:

The current ratio is a liquidity that calculates a firm’s capability to pay back its short-term liabilities with its current assets. The short-term liabilities are due within the next year so current ratio is a vital measure of liquidity,

Current assets are those which can easily be converted into cash in short term, for example, cash, cash equivalents, and marketable securities

Businesses with more amounts of current assets will easily be able to pay back current liabilities when they become due deprived of having to sell off long-term, revenue making assets.

Current Ratio Formula:

The current ratio formula is very simple it is calculated by dividing current assets by current liabilities. This ratio is stated in numeric format instead of in decimal format.

current ratio formula


Current Ratio Example:

current ratio example

             Current Ratio        =      Current Assets__
Current Liabilities

Current Ratio       =           800,000
                                                 400,000
Current Ratio         =            2:1        

Noticeably a larger current ratio is better than a smaller ratio because it shows the company can more easily make payments of current debt. Some individuals feel that a current ratio that is less than 1:1 indicates insolvency.

Scrutiny/Analysis of the Current Ratio:

The current ratio assists stockholders and creditors to know the liquidity of a company. It shows how a company will be able to pay back its current liabilities without any difficulty.

Consequently, a current ratio of 2 would mean that the company has 2 times more current assets than current liabilities.

If a company has to pay its current liabilities by selling of fixed assets, this means the company isn’t generating sufficient revenue from operations to support activities. We can say, the company is losing money. Sometimes this is the result of poor collections of accounts receivable.

  1. Working Capital Ratio:

The working capital ratio, also known as the current ratio, is a liquidity ratio that measures business’s ability to repay its current liabilities with current assets. The working capital ratio is vital to creditors since it shows the liquidity of the company.

Current liabilities are finest paid with current assets like cash, cash equivalents, and marketable securities because these assets can be converted into cash much quicker than fixed assets. The faster the assets can be converted into cash, the more likely the company will have the cash in time for the payments of its debts.

Formula of Working Capital Ratio

The Working Capital ratio formula is very simple it is calculated by dividing current assets by current liabilities. This ratio is indicated in numeric format instead of in decimal format.

Working Capital Ratio Formula

Working Capital Ratio Example:

working capital ratio example

             

                  Current Ratio        =    Current Assets__
Current Liabilities

            Current Ratio        =                500,000
                                                                  900,000
Current Ratio      =                0.5

 

From the above illustration, TOYO’s Working Capital Ratio is less than 1 it means that the business debt is growing. This makes TOYO Co more risky to new possible credits. If TOYO Co wants to apply for another loan then they should repay some of the liabilities to lower their working capital ratio before they apply.

Scrutiny/Analysis of the Working Capital Ratio:

A higher ratio of WCR is more favorable.

A Working Capital Ratio of 1 indicates the current assets equal current liabilities. A ratio of 1 is usually considered the center. It’s not dangerous, but it is also not very safe. It means that in order to repay its current liabilities the firm would have to sell all of its current assets.

Creditors and investors considered ratio less than 1 are risky because of it indications the company isn’t running proficiently and can’t cover its current debt correctly. A ratio less than 1 is always a bad and is often mentioned to as negative working capital.

A ratio above 1 indications outsiders that the company can pay all of its current liabilities and still have current assets left over or positive working capital.

  1. Times Interest Earned Ratio (TIE)

The time’s interest earned ratio, occasionally called the interest coverage ratio, is a coverage ratio that measures company’s ability to meet the interest payments on its debt.

Formula of Times Interest Earned Ratio (TIE)

 Formula of Times Interest Earned Ratio (TIE) 

Example of Times Interest Earned Ratio (TIE)

TOYO Co is a Shoe company that is currently applying for a loan to buy tools. The bank asks TOYO for his Income Statement & Balance Sheet before they will study his loan request. TOYO Co income statement shows that he made $700,000 of income before interest expense and income taxes. TOYO’s total interest expense for the year was only $70,000 TOYO’s TIE ratio would be calculated in this way:

TIE Ratio = Income before Interest and Taxes or EBIT

                                         Interest Expense

TIE Ratio           =        700000
                                      70000

TIE Ratio     =         10

TOYO’s has a ratio of ten. This means that TOYO’s income is 10 times greater than his annual interest expense. It means TOYO can afford to pay extra interest expenses. In this respect, TOYO’s business is less risky and the bank should easily accept his loan.

Scrutiny/Analysis of Time Interest Earned Ratio:

The time’s interest ratio is indicated in numbers. The ratio indicates how many times a company could pay the interest with it’s before tax income. The larger ratios are considered more favorable the smaller ratios considerably less favorable.

The ratio of 4 means that a company’s income is 4 times higher than its interest expense for the year.

Creditors would favor a company with a much higher time’s interest ratio because it shows the company can afford to pay its interest payments when they come due. Higher ratios are less risky while lower ratios indicate credit risk.

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Financial Ratio and its Analysis | Purpose | Importance | Formula | Uses

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Financial Ratio Analysis

Financial Ratios are mathematical assessments of financial statement accounts.  Financial Ratio Analysis is performed by comparing two items in the financial statements. The resulting ratio can be interpreted in a way that is not possible when interpreting the items alone. In simple words, we are analyzing interrelationships.

ratio analysis financial

The connections between the financial statement accounts assist shareholders, creditors, and internal company management to understand how well a business is performing and which parts of the business needing improvement.

Financial ratios are the most well-known and extensive tools. It is used to analyze a business’ financial standing.

Ratios are simple to calculate and easy to understand for top level management. Ratios can also be used to compare different companies in different industries. Subsequently, a ratio is just a mathematically comparison based on proportions, large and small companies can use ratios to compare their financial information.

Ratios let us compare companies across industries, to recognize their strengths and weaknesses.

The CEO/Proprietory of an organization don’t have enough time to read the lengthy numeric financial statements (profit loss & balance sheet) and it takes a lot of their time to understand and analyzed the whole financial statements so they always preferred Financial Ratio Analysis to keep an eye on their business’ financial position.

The Financial ratios can be categorized into seven main ratios that are:

  1. Liquidity Ratios
    1. Quick Ratio
    2. Acid Test Ratio
    3. Current Ratio
    4. Working Capital Ratio
    5. Times Interest Earned Ratio
  2. Solvency Ratios
    1. Debt to Equity Ratio
    2. Equity Ratio
    3. Debt Ratio
  3. Efficiency Ratios
    1. Accounts Receivable Turnover
    2. Asset Turnover Ratio
    3. Total Asset Turnover Ratio
    4. Inventory Turnover
    5. Days’ sales in Inventory
  4. Profitability Ratios
    1. Gross Margin Ratio
    2. Profit Margin
    3. Return on Assets
    4. Return on Capital Employed
    5. Return on Equity
  5. Market Prospect Ratios
    1. Earnings Per Share
    2. Price Earnings Ratio or P/E Ratio
    3. Dividend Payout Ratio
    4. Dividend Yield
  6. Financial Leverage Ratios
    1. Debt Ratio
    2. Debt to Equity Ratio
    3. Equity Ratio
  7. Coverage Ratios
    1. Debt Ratio
    2. Debt to Equity Ratio
    3. Fixed Charge Coverage Ratio

Misc Other Ratios

  1. Cash Conversion Cycle
  2. Cash Ratio
  3. Compound Annual Growth Rate
  4. Contribution Margin
  5. Days Sales in Inventory
  6. Days Sales Outstanding
  7. Debt Service Coverage Ratio
  8. DuPont Analysis
  9. EBITDA
  10. Equity Multiplier
  11. Interest Coverage Ratio
  12. Internal Rate of Return
  13. Net Income
  14. Operating Margin Ratio
  15. Payables Turnover Ratio
  16. Price Earnings P/E Ratio
  17. Retention Rate

The above categories are explained separately, you can click on that to view details.

Purpose & Importance of Financial Ratio Analysis:

Ratios help in analyzing the performance trends over a long period of time.

  1. They also help a business to compare the financial results to those of competitors.
  2. Ratios assist the management in decision making.
  3. They also point out the problem and weak areas along with the strength areas.
  4. Ratios to help to develop relationships between different financial statement items.
  5. Ratios have the advantage of controlling for differences in size. For example, two businesses may be quite different in size but can be compared in terms of profitability, liquidity, etc., by the use of ratios.

Users of Financial Ratios:

Financial ratio analysis is aimed to measure the financial performance of a company and to define the financial position of a company through relevant indicators/ratio. There are many groups and individuals who want to know about their business performance.

I have explained below one by one who uses financial ratios;

  1. Bankers and Money Lenders: They Use profitability, liquidity, and investment ratio because they want to know the ability of the borrowing business in regularly scheduled interest payments and repayments of a principal loan amount.
  2. Investors: they Use profitability and investment ratio because they are more interested in profitability performance of business and safety & security of their investment and growth potential of their investment.
  1. Management: They use almost all ratios because management is interested in all aspects of organization i.e., both financial performance and financial condition of the business.
  2. Employees: They use profitability, liquidity, and activity ratio because employees will be worried about job security, bonus, and continuation of business and wage rate negotiating.
  3. Suppliers: They use liquidity ratio because suppliers are more interested in knowing the ability of the business to relax its short-term duties as and when they are due.
  1. Customers: They use liquidity ratio because customers will search for comfort that the business can stay alive in the short term and continue to supply.
  2. Government: They Use profitability ratio because the government may use profit as a basis for taxation, grants, and subsidies.

Ratio Analysis Example:

Financial Ratios Formulas:

The financial ratios are classified into different categories and sub-categories which link is available above, each ratio has its own formula you can get download short summary of the formulas used for calculating different ration in pdf by click here.

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Days Sales Outstanding (DSO) Ratio Formula | Calculation | Example | Analysis

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Days Sales Outstanding (DSO):

Days Sales Outstanding is also called the average collection period or days’ sales in receivables, measures the number of days it takes a company to collect cash from its credit sales.

Alternatively, it displays how well a company can collect cash from its customers. The quicker cash can be collected, the faster this cash can be used for other tasks.

It should be remembered that both cash flows and liquidity increase with a lower day’s sales outstanding measurement.

Days Sales Outstanding Definition:

Days’ sales outstanding ratio (also called average collection period or days’ sales in receivables) is used to measure the average number of days a business takes to collect its trade receivables after they have been created. It is an activity ratio and gives information about the efficiency of sales collection activities.

Keep reading I will tell you how you will next how Days sales outstanding calculate and its usage.

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Formula Used to Calculate DSO:

Days Sales Outstanding formula

The DSO ratio is calculated by dividing the ending accounts receivable by the total credit sales for the period and multiplying it by the number of days in the period. Frequently this DSO is calculated at the end of the year and multiplied by 365 days.

An example of Daily sales outstanding:

The data is taken from the financial statement of TOYO Co for the year ended 31 Dec 2014 are as follow:

day sales outstanding example

days sales formula analysis

Using the above illustration, we can determine that during the end of year 31 Dec 2014 it took TOYO an average of 18.82 days to collect revenue receipts from its trade debtors.

Scrutiny/ Analysis of Day Sales Outstanding:

The lower value of Days Sales Outstanding is favorable whereas a higher value is unfavorable. Though it is more expressive to create monthly or weekly trend of DSO. Any major increase in the trend is unfavorable and shows inefficiency in credit sales collection.

  • Problem With Days Sales Outstanding Example

  • Method to calculate days sales outstanding in excel

  • dso calculation template excel

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