Cashflow and forecasts services

Cash and cashflow are the one thing that impact directly on the success and ongoing viability  of your business ! As a business owner you need to ensure that every month you can pay your staff, pay your suppliers, pay HMRC – and also pay yourself.

Are you struggling with your cashflow, uncertain as to how to improve it and suffering sleepless nights worrying about paying Suppliers, staff of HMRC?

It is also important to understand that of the 1 in 5 ‘Startup’ businesses that did NOT make it to Year 5, the reason given for failure were cashflow issues – or in other words a lack of CASH.

Therefore in my view, apart from turnover and profits, the most important issue for any business owner is their cashflow i.e. CASH is KING!

PROBLEMS OF POOR CASHFLOW 

So what are the typical signs that cashflow is a problem for your business ?

• Struggling with meeting the payroll payments at the end of the month 
• Difficulties with getting payment from your Customers – and seeing your unpaid invoices rising 
• Avoiding certain Suppliers as you know that invoices are overdue 
• Worrying as you approach the end of each quarter with the VAT return payment due shortly
• Having ‘surprise’ or unexpected payments urgently appear during the month
• NOT paying yourself on time (or at all) 

HOW TO IMPROVE YOUR CASHFLOW  

If you want to improve your business’ cashflow (who doesn’t ?), our experience is that it is not one single thing that will improve business cashflow, but a combination of the ‘right’ things being done regularly and consistently each week and month! 

These generally fall into the following areas

• Customer management – timing of invoices, payment terms, credit limits
• Management of costs and overheads – marketing and staff costs rising faster than sales, or unnecessary overheads
• Supplier management – too many suppliers, agreeing to short payment terms
• Management of business trading patterns – seasonal trading, large customer projects

(See our cashflow and forecasts services blog with our Top Ten Tips) 

With the implementation of our cashflow and forecasts services, you can identify any large payments in advance.

Knowing this information ahead of time, you can then take any necessary action(s) that may be required to taken to manage your way through these tricky periods i.e. with time to arrange for an overdraft, chase that OLD debt, delay a Supplier payment etc 

Ensure your cashflow is always ‘in the black’, so contact us to find our more or for our Irish clients visit our Ireland website.