News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
New small business owners should conduct thorough reviews of their business finance accounts at least every three months, according to one adviser.
Claire Savidge of self-help portal BusinessLink suggested that a quarterly overview by an external business finance specialist is advisable.
"Some business owners are financial whizzes, so they're probably not likely to need a quarterly review, but they certainly should have a six-month review and not wait until the accountant says, 'here's your accounts, you made a loss this year'," she advised.
New business owners are often advised to take specialised advice when it comes to choosing financial products, such as insurance for self-employed individuals or professional liability insurance.
Ms Savidge added that even if an external accountant is not used, then small business owners should consider employing the services of a consultant from outside the business.
Such a person could look over business finance details to help ensure the firm is moving in the right direction, she concluded.
A recent report by the Professional Oversight Board suggested some company directors view accounting as nothing more than a "regulatory burden", instead of using such financial experts to their advantage.
