admin

Entrepreneurs striving to take a young business off its feet and running face numerous challenges. A young business may meet an unexpected dilemma as the novice entrepreneur struggles to keep it afloat.   What young businesses most dread is a bad decision that might send them dwindling downward. Entrepreneurs should first build a strong business strategy researching what is suitable for them. As they first start out, it also helps to take help from expert outsourced agencies.   As young businesses struggle for expert advice while keeping cash reserves, they can opt to outsource accounting services. Outsourced Accounting Functions Outsourcing is a business strategy in which professional services such as accounting are hired and is meant to cut costs. For a young business it can be saving the salary of a professional regular employee. Accounting is integral to any young business and outsourcing accounting functions can offer the following benefits:   Save Time & Effort Hiring Staff A business with either a small or non-existent HR department can outsource accounting services saving organizational time and effort hiring staff.   Save the Cost In Hiring  New Pakistani businesses often get burdened with the costs of recruiting employees. This is especially true when they need the services of a team of specialists, such as for the accounting department. A young business can cut down on this hiring cost by outsourcing accounting services.   Avoid Dispensing Employee Salary and Benefit Plans A new startup can reserve cash by outsourcing accounting functions, to avoid dispensing regular employee salary and benefit plans, perks and bonuses.   Reliability and Expertise Accounting firm’s outsourcing their professional’s will provide reliable and expert advice tailored to your business requirements. Bookkeeping matters are looked after by professionals who are knowledgeable on the latest regulations which helps your business meet financial transparency and government compliance.   Flexibility of Choosing Required Services Outsourcing accounting services gives you the option of choosing the services required for your young business. Accounting firms offer to help with a wide range of accounting services from bookkeeping, preparing financial statements, filing Pakistani taxes, virtual CFO, to audit and compliance. So, entrepreneurs’ get to pick and choose the service they need!   The right outsourcing provider will support a young business with all their accounting functions. Accounting is the core of any business and cannot be neglected. Finding the appropriate accounting outsourcing provider will be the key to your future business success. Careful research in choosing the correct provider and the right services will keep your young business on track with peace of mind!   In search of the best bookkeeping and financial services in Pakistan? Look no further. Here at Vixperts, we help build fantastic businesses and raise millions of dollars in investment with reliable and expert financial services. Contact us today!

Financial management applies general management principles to plan, organize, direct and control all financial activities in a business. A critically important aspect of a business is to manage its financial activities so that funds are properly procured and utilized. A successful business ensures adequate supply and optimum utilization of funds, safety on investment and a sound capital structure.   A financial plan will make projections for the future and will help you forecast income and cash flow dips. It is also helpful for startup fundraising and valuation purposes. Here are a few tips on creating a healthy financial plan for your business:   Review Your Strategic Plan Financial planning starts with a strategic business plan. At the start of the year what does a business want to accomplish? To expand will it need more employees, equipment, space, new resources, cash flow, or financing? This will give a picture of financial impact for the rest of the year. It will also be reviewed by investors when you seek venture capital investments.   Develop Financial Projections Financial Projections are developed by recording your anticipated income versus anticipated expenses. Businesses on a tight budget can make weekly projections. Accounting Software can help you create projections for profit and loss (income) and a balance sheet. Enabling you to anticipate the good and bad scenarios in the business. Be sure to discuss and seek advice from a proficient accountant.   Determine Financing Needs and Arrangements When making projections you will know if financing is required. A solid projection prepared in advance reassures bankers and financial unions giving you a better edge in qualifying for a loan.   Planning For Contingencies A business should always have an emergency plan in place. There should be cash reserves or some sort of financial source to tap into when things go down the wrong way.   Financial Controls  Exerting financial controls is the key to financial planning. It is important to exercise controls over finances using techniques such as cost and profit control and ratio analysis.   Practice Good Book keeping  Good bookkeeping practices keep a business out of a lot of trouble. It provides transparency of transactions that take place in the company, and allows venture capital firms and investors to get a clear picture of your business health. Never underestimate the importance of good bookkeeping practices for a successful business.   Compare and Monitor Projections It is important to tally your projections with actual data or numbers. This will give an idea if you are meeting targets or the need for adjustment. It is better to anticipate problems and change your line of action ahead of time.   Seek Professional Help For most business owners professional planning is daunting and it does help to seek professional help. It can help your business evade pitfalls and help you tide over adverse situations.   A Healthy Financial Management Plan for Your Pakistani Business Here at Vixperts, we specialize in virtual CFO, financial modelling, valuation, accounting & taxation, investor due diligence, and policy control design. We can help you perfect your financial management plan and adopt the best accounting, bookkeeping, and financial practices. Contact us now!

For most ambitious startups, the unexpected COVID pandemic has delayed many business plans causing financial stress. To get up and running again, your startup needs a well-planned recovery strategy!   A logical way out is to lower operating expenses. Spending less money on operating costs will enable better success in this uncertain time for your Pakistani startup. If your business plans have been minimally affected by the COVID pandemic, it will still help you to cut recurring expenses and become more lean.   The plan to reduce operating costs is a hefty issue. Hasty decisions on cutting corners without thoughtful consideration can backfire, thereby causing financial loss instead of gain.   The following are some factors to consider on reducing costs for your Pakistani startup:   Review the Operating Budget  When your startup chalked a business plan two years ago it did not take into account an upcoming pandemic. Global economic changes will inevitably happen after the pandemic subsides. Start reading and analyzing changes that will affect your business post-pandemic.   Next review the budget taking notes of what is no longer relevant to operate efficiently. Prioritize from sales to marketing to customer retention with decisions based specifically on your startup. This will enable you to review the budget based on current economic conditions.   Reconsider Huge Investments  Review the budget giving huge investments proposed prior to COVID-19 careful thought. As the world globally recovers from the pandemic, be overly cautious instead of ambitious. Keeping cash at hand it is easier to accommodate unforeseen expenses.   Reconsider proposed capital investment for Startup growth such as new equipment or facility. Does it make sense to postpone these until the market stabilizes?   Re-Negotiate Business Contracts, Terms, and Agreements  Most organizations have been impacted by COVID-19, giving you the opportunity to re-negotiate business contracts and agreements. Re-negotiate the rental contract with your landlord, speak to vendors, professional services, insurance agents, loan equipment providers and so on. Negotiate out of early termination penalties for those services that are no longer within budget.   It is not always easy to negotiate out of legal contracts or have new terms outlined but there is the possibility of gaining temporary adjustments, discounts on fee or services and delayed payment cycles.   Re-Evaluate Business Software, Products, and Services Take an inventory of all software, products, and services that your startup needs to operate on and the cost of each. This will enable you to prioritize what is absolutely essential and what can wait as these occupy a major portion of the budget. You might discover duplicate software, excess products or services. Eliminating excess can reduce Startup operational costs. Make sure you consult with all concerned departments during this process to avoid any complications. You should not eliminate something that will cost you more in the long run!   Minimize Payroll Expense Payroll is a major expense for most startups. Research ways to effectively reduce payroll costs to stay afloat during the first phase. See if there are government programmes and initiatives that will help.  Re-evaluate team bonuses and other employee perks and benefits and add them as your business later thrives. Do your best not to reduce headcount or reduce salaries.     Interested to learn more about how to reduce operating costs for your startup effectively? Contact us at Vixperts today for the best accounting, bookkeeping, and financial consulting services!