How can we help you and your business more?
A question we have been asked a lot recently – is what more our clients can do to plan and protect their business, especially in this difficult trading environment. I response we have drawn up a quick list of 5 things that you can do (with our help) to help your business through this period and to be even stronger into the future.
Move you accounts online
We have made a large investment and done a lot of work in the background to ensure we can offer a fully online and remote finance function for your business.
Move you account online, using services such as Sage and Xero, give you live access to your financial information and can integrate or replace some of your current systems, for example invoicing and cash collection.
They also allow you to easily input your bills and receipts to keep your accounts up to date.
Prepare regular management accounts and forecasts
At any time in business it is important to know where the business stands and what the near future looks like. The best way to do this is to produce a regular management accounts package giving details of the financial and non-financial performance of the business, alongside a forecast of the what the future looks like to allow for better planning.
We work with some of our clients to produce weekly, monthly and quarterly management account files depending on their business and requirements and some of the staple information includes;
- Profit and Loss Statement
- Balance Sheet
- Cash flow forecast and analysis
- Updated forecast based on historical information and future insights and plans
- Financial and non-financial KPI performance indicators including standard financial KPIs and some industry and business specific data
We aim to deliver this information as close to the end of the respective period and follow up with a conference call or meeting to discuss further.
Cash Flow Planning
Cash is King and a lot of businesses are finding out very quickly what a massive shock to the economic system can create. A lot of companies are now scrambling to produce cash flow forecasts to find out what they can afford to pay going forward and how changes in revenue and cash received with effect this plan.
We work with a number of clients to produce their cash flow forecasts at regular intervals, normally as part of their management accounts process. This means they have visibility on what their cash balances will look like and how changes to cash in and cash out will impact their business.
In terms of funding and banking applications the cash flow forecast is usually the first thing the funders will request so having these documents prepared in advance (and also showing them historically) can make a huge difference.
Fundraising and Financing
Its not just in difficult times like we are currently facing that business need additional funding sources, both to cover shortfalls in working capital and to fund future expansion. Finance can be sourced from many different sources including banks, government agencies, angel investor and venture capital firms.
We can work closely with your business to identify the best form of finance for your requirements and to plan, develop and manage your application.
Payroll is one of the more complex operations business owners must complete, in particular when they are employing additional staff. We operate a fully outsourced payroll function for a large number of clients to ensure they are best placed to remain compliant with both employment and Revenue legislation.
We provide everything from registration, to payroll calculations, payslips and revenue filings. We will also deal directly with your staff if they have any queries on their pay or tax.
Finally we also work closely with some of the best HR outsourcing services to ensure full compliance across the whole HR function.