Having a great idea isn't enough to create a successful business. Whether you have a physical product or sell software, you'll need money to keep the lights on.

Unfortunately, cash flow isn't easy for small businesses. Believe it or not, it's the biggest issue small businesses face.

Knowing how to manage your business finances is critical if you don't want to run out of money. Use the four tips for business management below to keep track of your money.

1. Prepare Financing Ahead of Time

It's wise to focus on cash purchases in business. After all, you don't want to build up too much debt and pay a ton of money in interest. However, debt isn't always bad in business.

There are times in business when you'll experience opportunities outside of your current capabilities. If you want to take advantage of future possibilities, you'll need financing to cover extra expenses. The amount your company grows in this situation will outweigh the interest you pay on your debt.

It's smart to prepare for this ahead of time. You don't have to waste time learning about your options when you have financing lined up and can almost immediately take advantage of opportunities.

2. Save Some Cash

It's tempting to re-invest all your cash into growth when you're a small business. After all, you need to keep up with your competition. If you show any signs of slowing down, it can indicate that your business isn't moving in the right direction.

However, it's a mistake not to keep any money aside from your profit. What happens when something unexpected happens that requires cash to fix? Having savings set aside will help you take care of unforeseen problems.

3. Work With an Accountant

Even if you can handle your business finances independently, that doesn't mean you should. You need to know countless little details as your business grows, and the chances are good that you'll end up missing something.

It pays to work with an expert to ensure you get the financial help you need. You don't need to hire an employee for the job, either. You can reach out to an accountant and work with them on a consulting basis.

4. Use Virtual Cards

It's not easy to manage company spending when relying on employees to make purchases. They likely use the same company card, making it challenging to see who buys what.

The same isn't true with virtual cards. Card providers like Bento give you a way to generate as many card numbers as you need, limit the vendors you buy from, and limit the total amounts each card can spend. These features are a great way of controlling company spending and ensuring people in your organization don't buy unneeded things.

Don't Stop Managing Your Business Finances

It's tempting to take things easy when you think you have a handle on your business finances, but doing this is a mistake. You never know what problems you'll encounter in business, so you need to ensure you have the cash on hand and income to handle those problems. Use the small business financing tip above to better handle your company's money.

If you're interested in learning more small business management tips, check out the blog to find the latest advice.