Setting up the cashflow can be daunting. We understand it is confusing and you are unsure. We have seen this many times when we have done this for clients, you need guidance and help. We are here to help you.
Read MoreA cashflow forecast is a forecast that will show what the expected bank balance is at a date in future. This is important because it will help show you if you need to borrow money to fill in gaps in your bank balance.
Read MoreWithout cash you cannot pay your bills and run your company the way you want. You need to keep the money coming into your company to make sure that it survives. You need access to finance and loans should you need to fill a gap in your cashflow as well.
Read MoreOne of the things that you will think of is, I need to reduce costs, or I need to make more sales. This is true but you also need to know how they will affect your business. Will reducing costs mean that your customers don’t get a good service? Will increased sales increase my costs?
Read MoreProfits and cashflow are two important numbers that you need to follow for your business. The profits will tell you how we you are doing each year; they tell you what you earned and what you bought. The cashflow will tell you what you spent and what you received. The difference is that cash in the cashflow is only recognised when it hits the bank account.
Read MoreWe get asked a lot by our clients why is my profit different to my bank account? Many of our clients have quite a few concerns with their finances when they start to work with us. They want us to help them get better control over their business.
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Satago is a three in one software a tool. It is a credit control tool that you can configure to automatically chase late payment of invoices, it is an invoice finance tool that you can upload invoices from your accounting software and receive funding and it is a risk insights tool that will provide analysis of clients creditworthiness.
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When you are preparing a cashflow forecasts it is important to include different scenarios into the forecast so that you can prepare for different trading conditions. These could include the effect of losing a major client, spend money on advertising or different success rates for an advertising campaign that you are running.
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Marks and Spencer’s have announced that they will be making significant changes in their business over the next few months as a result of the Coronavirus pandemic. They have agreed a deal with the online retailer Ocado as they seek to transition to an online delivery model for the food business.
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The impact of the Coronavirus on the UK economy will be profound and will certainly mean that a lot of business will face challenges over the next twelve months and possibly longer into the future. It is important that you use this time if your business is suffering a downturn in trading to spend time and resources on your business.
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Your accountant should be your major source of support for your business during both good and bad times. They give you advice and support how to run your business and help you keep up to date with changes in tax and regulations. It should therefore be the case that during the current COVID-19 outbreak that your accountant should be your guide to navigating your business through this crisis.
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How well do you know the business that you run? Do you know the profit that you make from each sale, or do you know the key parts of your business that makes the most money? You may be able to narrow that down to one or two parts, but do you know exactly what is the most profitable good or service that you sell?
Read MoreAs a small business-owner you need to focus on making your life as easy as possible, there will be enough problems that will come to you without you going looking for them. .
Read MoreWhy we start out business very often gets lost as we start to get more involved in our business, our priorities start to change focus. Our focus becomes our business rather than the reason we wanted to start the business in the first place.
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Time is the enemy for any business owner, as you grow your business you will spend money to give you more time. You will hire staff to do the work and you will spend money on systems and software to reduce time spent on admin and mundane tasks that can be automated.
Read MoreWhen you start in business you need to view it as if you are building a series of systems and machines. You build a system that leads to a predictable outcome or event.
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It is important for any small business to pay attention to the amount of owed to them at any time and to have a system and a structure to deal with debtors. It is ideal to have a written policy on how to do this and if you have employees to have one member of staff accountable for collecting these monies for your company.
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