Welcome to our blog!
Welcome to our blog!
Watch this space tomorrow (15 Jan). Labour MP and strong advocate of the late payment campaign, Debbie Abrahams, has secured time in parliament for legislation guaranteeing prompt payment to small businesses. Using a technique called “a ten minute rule bill”, if successful, the Public Sector Supply Chains (Project Bank Accounts) Bill will require all payments on […]
We’ve all heard the phrase that cash is king (and queen!), when it comes to running a business. Undoubtedly, the most common reason that businesses fail is that they run out of cash at some point. So how much cash should you have access to at any point in time? The answers that follow have […]
It’s a fact of business life that cash reserves will sometimes run short. The art of survival is how you respond to these lean periods. Here are some essential do’s and don’ts. Do Cut out any non-essential expenditure – over time, a business can build up any number of small expenditure items that really aren’t […]
Making Tax Digital (or MTD) is major initiative by the Government and HMRC to make it easier for individuals and businesses to keep on top of their tax affairs – well that’s the theory. One of the most significant steps as far as businesses are concerned is the introduction of Making Tax Digital for VAT […]
Up until now, CaFE has worked exclusively on the short-term forecasts it creates from your cloud accounting software. You have told us you love this, because it means you don’t have to worry about maintaining short-range forecasts of your own, but you have also told us that you want the option of being able to […]
Being in business is like spinning plates and it can often be difficult to keep on top of everything that is going on. Developing situations can catch you by surprise and not leave you enough time to sort them out properly. Even if you think of yourself as a non-finance person, your management accounts, whether […]
Minister for small business, Kelly Tolhurst, has told MPs that signatories to the Prompt Payment Code will be investigated if they do not adhere to its terms. Prompt Payment Code signatories are meant to pay all suppliers in 60 days and work towards paying them in 30 days. When addressing the Select Committee, Ms Tolhurst […]
‘Naming and shaming’ big companies that make a habit of paying small suppliers late may have the desired effect of forcing the worst culprits to change their ways. Let’s hope so, because nothing else – not even Government-backed initiatives like the Prompt Payment Code – has made much of an impression on a culture that […]
New laws to help more SMEs gain access to invoice finance are a start, not the end of addressing the UK’s late payment culture. Under new laws scheduled to take effect from the start of 2019, Britain’s 5.7m SMEs will be able to ignore unfair contracts that prevent them from raising finance against monies owed […]
Balancing the money coming into a business with cash disappearing in the opposite direction is a constant challenge for all companies, but for SMEs it can be crucial. While chasing late payments has become part of everyday life, it is never pleasurable – and always time-consuming when your energy would almost certainly be better spent […]