It really has felt like back to school this week, a bit like the start of a new year. Finally everyone is back from holiday and we can get back to business as usual (is it just me who hasn’t been away?)
An Autumn Spring clean of your finances
With this New Year feeling it’s a great time to have a fresh look at your finances and make sure everything is as it should be, especially with the dreaded C word galloping towards us. (I refuse to say it before November!)
So here’s a quick checklist of what you need in your business to make sure you’re really in control of your finances, rather than your finances controlling you.
1) Have you got a 13 week rolling cashflow so you can see how things are panning out?
2) Do you get accurate monthly management accounts that tell you everything you need to know about your business?
3) What about a weekly flash report? Essential if you want to know you’re on track throughout the month.
4) Do you get a copy of your debtors and creditors report every week so you know exactly who owes and is owed money?
5) Have you got a budget that you report your finances against every month, and do you know how much profit you’re forecasting to make this year?
6) Do you put your VAT and corporation tax into a savings account every month?
7) Have you got a handle on what customers make (or lose) you money?
If you got 7 out of 7 then you go to the top of finance class. Anything less than 7 you might want to check out some of my previous blogs here (link is external) where you’ll find lots of ideas to help you take control.