Covid-19 has been an eye-opener for many business owners, as it has highlighted that they don’t know how many months of cash reserves they have in place or if they are cash-flow positive or negative.
As local accountants, we have been educating our clients on their finances, business continuity and scenario planning and helping them make long-term business decisions to ensure their businesses survive COVID-19. We look at the key things you should be considering.
Cash-flow is the amount of money flowing in and out of your business. In the past, you may have been focused on profit, but COVID-19 has highlighted the importance of analysing the immediate and future needs of your business by:
Whether you run a limited company or are a sole trader it’s really important that you also think about your cash-flow over an extended forecasted period, rather than just surviving day to day.
We understand this can be daunting, which is why we are offering free business advice consultations. Our goal is to help you have visibility over your business accounts, so you can be 100% confident about where funding will come from for the next rent or payroll payment.
As well as reviewing your pain points and projecting your cash reserves in a worst-case scenario, we will also provide you with advice, templates and resources so you undertake your own financial reviews.
It’s a difficult time for business owners and individuals and you may feel awkward chasing debts. However, a number of our clients have taken the opportunity to assess ways of operating more effectively and how they can collect debts without souring relationships. This includes:
The simplest solution is often the most effective and we encourage clients to pick up the phone and talk to people as this could help you quickly come to a mutually agreeable solution.
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COVID-19 has highlighted the need for small businesses to plan in advance and have contingencies in place. Our tips include:
If you’re concerned about your cash-flow and need assistance from an accountant in Aylesbury, who can provide proactive support, we would be delighted to talk to you. We also offer a range of other accountancy services to meet your needs, such as bookkeeping and payroll.
We help ambitous small business owners grow their personal wealth and achieve their ideal work/life balance.
Palmers Barn, Station Road, Long Marston, Tring, HP23 4QS UK.
Office: 01296 662322
VAT number:267 3184 85
Palmers Business Support was founded to help ambitous small business owners grow their personal wealth and achieve their ideal work/life balance. With accountancy as the central pillar of our offering, we take the view that timely accounts and efficient compliance is the bare minimum our cients should expect.
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