If you'd like some help with getting your business finances up-to-date and ready for the year call us on 01788 577 613 (Rugby) or 01908 564 701 (Stony Stratford) or just reply to this email to set-up a time to chat.
Article Spotlight: Top five business finance tips
Have a read of our quick tips to help you get your finances in order.
1. Budget for tax:
Although you may have made a profit (income minus costs), not all of this money is yours. Obviously, you'll have to pay some to the taxman. Make sure you budget for this as you go, so you won't get any great shocks at the end of the year. Saving 25-30% of all income you receive is likely to mean you'll easily be able to pay your tax bill.
2. Understand your cash flow:
It's critical to make sure, that alongside your profits forecast, you also have a cash flow forecast. Review it regularly to ensure you have the best toolkit to equip the business for managing payments and dealing with the unexpected hurdles that all businesses face from time to time.
3. Be "risk-ready": The global financial crisis in 2008 taught businesses to be prepared for all possible type of risks. Risk assessments should be an crucial part of business and finance planning and you should have a risk strategy in place in case there is any turbulence in the business environment.
4. Make the most of free help and advice:
HMRC offers a good range of free webinars, e-learning, videos and email alerts for businesses, including those who are self-employed. Last month's offering was on VAT and includes VAT
rates, simple VAT
accounting and things that aren’t subject to VAT
. You can find more details here
. HMRC also provides a free payroll solution
, which has everything you need to meet all you employer-filing responsibilities.
5. Take responsibility:
Finally, it is impossible to overstate the importance and benefit of properly tracking your financial information throughout the year. Getting your finances in order means your business can work more efficiently and puts you in a better position when seeking funding for growth, so it's important to get it right.
Whether it's balancing the books, budgeting or good cash flow management, you
can help improve the financial health of your business.
Client Spotlight: Chilvers Reprographics
Established in 1965, Chilvers Reprographics has been providing quality service and expertise to customers for more than 50 years. It supplies print finishing equipment - designed to both simplify and speed up the output of most finishing jobs - to a wide range of organisations such as schools and colleges, Government departments and businesses large and small.
Chilvers Reprographics has been working closely with some of the world’s top manufacturers for many years and has innovative ways to speed up production and save valuable time and money. It is an independent company and therefore not tied to any one manufacturer or brand, meaning it can offer unbiased opinion and a better choice.
To complement its range of equipment, it also carries an extensive stock of supplies for print finishing, document binding and laminating.
Here at Clifford Towers, we have had the pleasure of working with Chilvers for more than 20 years helping with accounts, tax and business advice.
Partner Lee Chilvers said: “Since working with Clifford Towers, we have found them to be extremely helpful and professional in all aspects of their work. They have a very knowledgeable team and are always extremely happy to help. We have, and will continue to recommend them to anyone. Here's to many more years working with Clifford Towers.”
You can find out more by visiting Chilvers’ website, contacting the team on 01908 563149, via email or on their social channels below.