Blog Layout

Top tips to improve your cash flow

Improve your liquidity with virtual accountant for women

Managing your cash flow is an essential part of your business. It doesn’t matter how big, or small your business is; you will need to know how much cash you expect coming and going.

If you are a sole trader running a small business, you may think it’s overkill because you can see what’s in your account, and I can understand why. But, with the past two years of unprecedented changes, inflation rocketing, and energy prices going up at the speed of light, can you afford not to pay attention to your cash flow?

Top tips to improve your Cash Flow?

You might be profitable, but have no money in your bank account. It isn't an uncommon thing to happen at all. Look through your finances and see if you can make any improvements:

Review your income regularly. Are you charging enough for your services or products? Being the cheapest on the market may bring you clients, but you will have to work a lot harder to keep afloat.

Do your research and make sure you are charging the market price. Equally, check competition and see if they are offering deals or sales at certain times.

Check your bills regularly and see if you can get a cheaper deal on any of them. You could be saving yourself hundreds of pounds by doing a little research. Keep renewal dates for your policies in a diary and make sure you compare quotes; staying with the same provider may be convenient, but it could cost you more.

Check if you can get some cash back on your bills by changing providers.

Plan for seasonal business. Do you see a rise in sales at certain times of the year? Try to be as accurate as possible in your sales forecast. Looking at your sales figures every month can give you a good understanding.

Avoid having too much money tied up in stock. Knowing your seasonal sales will help you order the right amount of stock you need. Having too much cash tied up in stock may cause you problems.

Chase late payments. Keep an eye on outstanding invoices and make it as easy as possible for customers to pay.
Review your expenses on regular bases and keep all your receipts. Download your guide to business expenses here.

Save up for tax as you go. Setting aside funds for your tax and VAT in a separate account will save you an unpleasant surprise at the end of the year.

Have a contingency plan. If it’s feasible, save for the rainy days because things don’t always go as planned, payments get delayed, and deliveries don’t always turn up on time. Having a plan B is a must, especially if you are looking to grow your business.

Looking after your cash flow might sound like hard work, but it will help you improve liquidity and run a successful business, and your accountant can help you with that. If you choose not to pay attention to your cash flow, you may be risking going under. Having your management accounts done on regular bases will help you to grow your business.

< Older Post

Newer Post >

Accountacy Services in Telford | Brush Up Accounting | Female Owned Accountants in Shropshire

How to Stay on Top of Your Small Business Transactions | Accountant Telford | Bookkeeping Telford

How to Stay on Top of Your Small Business Transactions - Brush-Up Accounting Telford, Shropshire

by Jana Ward • 7 November 2023

How to Stay on Top of Your Small Business Transactions - small business advice for sole traders by Brush Up Accounting, Telford, Shropshire

Second payment on account | Accountant Telford | Bookkeeping Telford | Accountant for artists

Second payment on account: Your guide to the July deadline | Accountancy Services in Telford | Female Account Telford | Brush Up Accounting Ltd

by Jana Ward • 14 July 2023

Second payment on account - by Jana Ward - Brush Up Accounting in Telford, Shropshire

Accounts in Telford | Brush Up Accounting Ltd | Female Accountant in Shropshire

Navigating Small Business Expenses | Accoutants in Telford | Brush Up Accounting Ltd

by Jana Ward • 28 June 2023

How to navigate small business expenses for the self employed - by Jana Ward - Brush Up Accounting Telford, Shropshire.

A Quick Guide to Financing Your Start-up Business

by Jana Ward • 5 June 2023

Be smart about financing your start-up business by Jana Ward, Brush Up Accounting in Telford, Shropshire.

How to pay yourself as a director of a limited company

The most tax efficient directors salary for 2023

by Jana Ward • 2 May 2023

How to pay yourself as a director of a limited company by Jana Ward, Brush Up Accounting in Telford, Shropshire.

What do you need to know about invoicing?

Invoicing for beginner: 7 basics you need to know

by Jana Ward • 16 April 2023

What do you need to know about invoicing? Ask Jana Ward, Brush Up Accounting in Telford, Shropshire.

5 simple steps to increase sales by Brush Up Accounting Telford

Get More Customers and Close More Deals: 5 Simple Steps to Increasing Sales

by Jana Ward • 9 March 2023

5 simple steps to increase sales by Brush Up Accounting, Telford, Shropshire.

5 mistakes to avoid when scaling your small business

by Jana Ward • 16 January 2023

5 mistakes to avoid when scaling your small business by Jana Ward, Brush Up Accounting, Telford, Shropshire.

How to keep your business profitable during a recession

by Jana Ward • 2 January 2023

How to keep your business profitable during a recession by Brush Up Accounting Telford, Shropshire.

How to fill in self assessment | Accountants in Telford | Brush Up Accounting Shropshire

How to fill in a Self Assessment tax return

by Jana Ward | Telford Accountancy Services | Brush Up Accounting • 19 December 2022

How to fill in a Self Assessment tax return. If you are self-employed, you probably know you must declare your earnings yearly and pay tax. If you are unsure how to fill in your Self Assessment tax return, follow our guide. Need help? Contact us at Brush Up AccountingLtd, Telford Accountancy Services.

Testimonials

Rea Moores Creates

Starting up my own business I had no idea how much would be involved in preparing the tax at the end of the tax year and how much time bookkeeping would take. Fortunately Jana was at hand to help me. She guided me through all the steps needed for her to submit the documents to the tax office, answered all the questions I asked, and put me at ease. I would recommend brush up accounting to anyone that needed this service.

QualClean Ltd

I have engaged Jana as the permanent accountant for QualClean Ltd as my accountant of 7 years advised me, he was retiring.
In the last 12-18 months I have become a little disorganised due to workload, illness and several other external factors. This has resulted in me not staying on top of my accounting, bookkeeping and invoice payment chasing.

In less than 2 months, Jana has very efficiently organised me and has set me up with a whole new system to aid my efficiency. Moreover she has been really proactive in pointing out issues in my bookkeeping and most importantly, my invoice chasing. This has resulted in recovering monies that I had no idea I was missing!

I thank Jana for her highly fastidious approach and care and I have no hesitation in recommending her to colleagues and friends.

Nikki Ayton

Brush Up Accounting was recommended to me by a mutual friend and Jana has been like a breath of fresh air. I needed someone approachable, professional and experienced and I got all three.

Jana was excellent at communicating with me and she has always got back to me within 24 hours (if not sooner). She has made an onerous task a lot simpler by explaining the process step by step.

I highly recommend working with Brush Up Accounting.

How we work

⭐ We'll set up up on Xero, Brightpay and other essential software.

⭐ We offer fixed monthly fees, reviewed quarterly, with options for video meetings and screen sharing. If you’re

local to Telford, we are happy to meet you in person too.

⭐ We will handle your bookkeeping, prepare detailed reports, and have an in person or a Zoom meeting to go

over your profits together.

⭐ We will discuss how much money you need to save for your tax, how much VAT you need to pay, ensure you

fully understand all of your finances, and answer any questions you may have.

⭐ With your account accounts done monthly, you'll have a clear and transparent view of your finances. This

will help you to take more money home, be in a safe financial position, and plan for a more profitable future.

⭐ We're well connected and can introduce you to other professionals to help you achieve your goals.

How we work

⭐ We'll set up up on Xero, Brightpay and other essential software.

⭐ We offer fixed monthly fees, reviewed quarterly, with options for video meetings and screen sharing. If you’re local to Telford, we are happy to meet you in person too.

⭐ We will handle your bookkeeping, prepare detailed reports, and have an in person or a Zoom to go over your profits together.

⭐ We will discuss how much money you need to save for your tax, how much VAT you need to pay, ensure you fully understand all of your finances, and answer any questions you may have.

⭐ With your accounts done monthly, you'll have a clear and transparent view of your finances. This will help you to take more money home, be in a safe financial position, and plan for a more profitable future.

⭐ We're well connected and can introduce you to other professionals to help you achieve your goals.