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5 Steps to Improve Cash Flow

5 Steps to Improve Cash Flow

Here are five tips for improving your cashflow:

  • Have a system to manage your debtors - Come up with a clear, step-by-step way to handle outstanding accounts. It might include:
    • automated reminders on unpaid emails
    • a phone call or email when the amount has been outstanding for a certain period of time
    • a stop credit on the client when they exceed an acceptable payment time. 
  • Be prepared for tax time - One of the fastest ways to run out of cash is to find yourself short at tax time. We can help with this – together we can come up with a system to help you put enough aside each month so you’re never caught short. You can also use tax pooling or other options to smooth out your cashflow.
  • Try not to dip into business funds for personal spending - It’s always tempting to tap your business account for personal spending. Instead, try to keep them separate. If you’ve oversaved at the end of the tax year, you can draw down a nice bonus – that’s much better than being caught short.
  • Sell old stock - Too much stock? Consider old stock, old furniture, machinery or even stationery: they can all be sold to free up space and provide a small cash injection.
  • Forecast your cashflow - Create a cashflow forecast (we can do this with you) and that will help you monitor and measure the flow of cash in and out of the business.

Need help with forecasting, tax saving or cashflow management? We’re here for you – just drop us a note or give us a call.

Moving to Panthera is easy

It’s a big decision to move accountants. We get it. That’s why we have a clearly defined process in place to make it as straightforward as possible.

Step 1: We have a short initial discovery meeting to understand your needs so we can create the perfect service package for your business

Step 2: You receive your tailored proposal with one simple monthly fee and you e-sign the letter of engagement

Step 3: You provide your current accountant with notice – and you leave the rest to us!

We liaise directly with your previous accountant regarding the transfer of information. We request authority from HMRC to act on your behalf. We handle as much of the admin as possible, so you can get on with running your business – safe in the knowledge that everything is going on in the background. And if there’s any action for you, we let you know.

Contact us to find out how we can help you

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