Cash flow support for businesses – update
A new study by Simply Business, the small business insurance provider, has found that the cost of Covid-19 to UK SMEs has almost doubled from £69bn estimated a year ago, to £126.6bn now. A year on from the first national lockdown, the new report reveals that SMEs have lost an average of £15,673 in earnings. […]
What type of cash flow manager are you?
At some point in your career, my guess is you will have done a Myers Briggs test, or at least a version of it. Myers Briggs famously created a range of leadership personality types and gave them enigmatic names like The Commander, The Teacher and The Dynamo. This got me thinking. What do our personalities […]
Why you need to reconcile your bank account
If there is one thing you need to be able to do to work out exactly where you stand with your finances, it is reconcile your bank account. There are lots of complicated definitions of reconciliation (and if you are an accountant, they all have their place), but for most of us it simply means […]
How to hold on to cash in your business – and still keep your suppliers happy
A lot of cash flow management gets focused on your customers. How you can sell more, get paid more quickly and avoid costly bad debts. On the other side of the coin, the more cash you can retain in your business through the terms you agree with your suppliers, and the longer you can keep […]
Where does all the cash go in your business?
Cash is a funny thing in business, it seems to be there one minute and gone the next! But where does it all go and what can you do to manage it better? There are three ways of generating and spending cash and all of them need to be understood and looked after really well. […]
Reconciling business credit cards
So, you think you’ve got everything fully reconciled and you know within a few £’s what your cash position is going to be over the next few days: all of your suppliers’ invoices are entered into your cloud accounting system, along with the invoices you’ve issued to your customers, your employees are entering their expenses […]
Paying the bills on time
In all the conversations that I have with small business owners about running their businesses, one thing stands out above the rest as the thing that keeps them awake most at night – the ability to pay their bills, salaries and taxes on time. Paying the bills seems to trump winning more business, collecting money […]
How much cash should I have in my business?
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 […]
5 do’s and 5 don’ts if your business is running short of cash
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 1. Cut out any non-essential expenditure – over time, a business can build up any number of small expenditure items that really […]
Will Making Tax Digital affect my cash flow?
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 […]
Follow us