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Managing Your Cashflow

The hit of the coronavirus has taken a toll on all of us, but especially on independent businesses. Unfortunately, it has meant that many of us have had to cut costs, place employees on furlough, or even take drastic measures like shutting down permanently. However, there are some things that you can do to help you stay afloat and keep your feet planted firmly on the ground.

An important issue that you might be encountering could be your cash flow. With businesses having to close their doors, for the time being, it’s made plenty of us worry about what’s going out and not necessarily coming in. If you have this issue, continue reading. We’ve compiled our best tips to keep that money train moving and help you breathe some life back into your company.

Keep Your Books Up to Date

The first and most important step is the most obvious. Keep your books up to date. By this, we mean taking note of all income and outgoing spending. Make sure that your accounting info is regularly updated. This will be helpful to you in the long run as you will be able to look at what’s going on at a glance.

Letting this get out of hand can be the equivalent of a dirty kitchen. Tidy accounts = a tidy mind!

Don’t Be Too Lenient With Clients

This might be hard for some of you, especially if you have your ‘regulars’ or ‘oldest’ clients/customers. Unfortunately, you can’t give services away. If you did, it wouldn’t be a business, would it? You need to make sure that your invoicing system is like clockwork; Reliable and efficient.

You can be fair yet firm with your clients. Understandably, you don’t want to lose clientele, but having a system in place that ensures you get paid every single time will avoid unnecessary cash-flow problems. Acting sooner rather than later will assure you don’t lose out on invoices being paid.

Cut Costs Where Possible

Cutting costs where you can is another fool-proof way of managing your cash-flow. If you’ve had to close your premises due to the virus, you might not be spending too much as it is. But, if it’s possible to cut down on unnecessary costs here and there, you can boost your cash-flow considerably.

Hire a professional to help with your accounts

If you’re not too sure where to start, hiring an accountant is a great first step. This will help you to understand your cash position.

At Tilleys Accountancy, we can help you and your business by utilising our revolutionary approach to account management. If you’re stuck in a rut with your business accounts, we can help!

If you’re looking for a credible and experienced accountancy company then you’ve come to the right place! We can help you get to grips with your accounts, allowing you to concentrate on the important stuff; your business. Book a call with us for enquiries on our accountancy services.


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