No matter what your business is, at a minimum, you have to keep a detailed record of financial transactions in order to comply with tax laws. So, if you have to maintain these records, why not make them work for you in your business to increase your chances of success. Following are the 10 commandments to follow for financial success of your business.

1. If you don’t know accounting and tax laws, find a professional to help give financial direction. Don’t wait to get the help that will make your life easier and insure your business success.
2. Find a computer system that fits your business and the software that best fits your needs. Systems such as Intuit/ Sage solutions can be tailored to your specific business.
3. Create an effective and efficient filing system for business support documents such as receipts, invoices, contracts, bids, bank statements, etc. Attention to detail is vital to financial reporting.
4. Standardize and document procedures and policies to help prevent losses and misuse of assets. This creates routine methods and internal controls so that the business owner can concentrate on non-routine problems.
5. Automate routine tasks to help consistency and save time.
6. Keep your finger on the pulse of your business; always have a good idea where your financial data is trending. Monitoring and reviewing the accounts should be part of your daily routine.
7. Put your data to work for you. Understanding and controlling your cash flow, accurately projecting tax obligations and projecting and managing expenses can all help fund the long term success of your business.
8. Utilize budgeting and forecasting to keep a handle on the future achievements of your business.
9. As your business grows, hire the best employees to support your business plan. You get what you pay for.
10. Leverage your books. A clean set of books gives you credibility and leverage for business funding; Careful documentation will sway important audiences such as banks or venture capital companies.

As you can see, there are many financial essentials that contribute to the health and growth of your business and the most important commandment to follow is seeking the help of a qualified professional to act in the capacity of CFO. Attention to the details is an imperative necessity for business owners to maintain both long term and short term business health. A CFO, whether Full Time, Part Time or Virtual, can help you keep all the commandments to ensure data validity and business success.