When you look for an accountant for your business you need someone who’s values are matching your values. Someone who you can ‘get along with’ and who will help solve your problems.
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When we start to look at planning for your business we need to start to get to know you and your business. It is a long process to understand what you want for your business and what you want to have in your own personal life. Both are linked and one will almost certainly drive the other.
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Getting your accounts up to date and keeping them up to date is one of the best things you can do for your business. It lets you know where your business is at, what money you owe and money you are owed. It makes the collection of money that you are owed easier if you know exactly what you are owed and you can ask for payment.
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As you start to grow your business being able to manage your time is an important skill that you need to learn. You need to make sure that nothing gets left behind. Take your eye off one part of the business for a few days or weeks and something will go wrong. You need to find time to manage all the parts of your business.
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It is essential for your business is to keep debtors as low as possible. The money that you are owed can help your business. It can reduce the borrowings that you have and the interest that you are paying for finance. It can help you pay for new equipment. offices, marketing or staff that can help your business grow.
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The purpose of any business is to be able to give its owner the lifestyle that they want. If they want financial freedom, it should provide that. If they want personal and creative freedom it should give that as well. The business should not tie its owner to working 7 days a week, 24 hours a day. If should give freedom.
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You are a small design agency and employ between 5 and 10 staff. The work that you have put in to grow your business is starting to pay. You have staff that can help design and deliver the work for your customers, you are able to attract new customers to your business and you feel that you are getting financial control of your business.
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You are starting to become established and are past the point of being a freelancer working for yourself. You have a small team that can help with the work that you are doing for clients. You are still heavily involved in the creative process and will be responsible for this along with trying to exercise day to day control over the business.
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This is the second piece in a series of blogs looking at how you can develop your business regardless of what stage you are at in it’s development. What stage are you at and what do you need to consider when looking for a better business and better life?
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This is the first piece in a series of blogs looking at how you can develop your business regardless of what stage you are at in it’s development. What stage are you at and what do you need to consider when looking for a better business and better life?
Read MoreSetting 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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The Government’s support for the Coronavirus pandemic was again extended and an announcement on the 29th of May 2020 was made by Chancellor Rishi Sunak, detailing an extension to the Self-Employment Income Support Scheme and Coronavirus Job Retention Scheme.
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When we take you through the process of onboarding you as a client, we will establish what software we need to set up and install for your business. This is important because all the services that we give will flow through these systems and will enable us to have a more collaborative relationship as your accountants.
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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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