Having loads of jobs booked into the diary and being busy in your business is all well and good, but if you’re finding it tough to get paid on time – your cash flow can quickly run dry!
Keeping on top of cash flow is crucial to any business. With better processes in place to collect in that all-important payment, however, you can find it flows into your business much more readily, helping you keep afloat.
You might think this is a strange thing for an accountant to say, but any accountant worth their salt really shouldn’t cost you anything.
I’m not saying here that their services should come free of charge. What I mean by this is, if they’re doing their job effectively, they should be boosting your bottom line enough to make their services at the very least, cost-neutral. A great accountant will save or make you money over and above the cost of their service.
It sounds wonderful, doesn’t it – working with your spouse, your bestie, your mum, dad or bro? It’s a fact that many friends and family partnerships work incredibly well, and family businesses have become the backbone of the UK economy, accounting for more than 88 per cent of private companies in Britain.
The current global crisis has brought many things into sharper focus and, it’s fair to say, we’ve all faced new challenges under the Covid-19 cloud.
The importance of health, family and friends may top the list for most but, for many of us, our businesses finances and family finances have been at the forefront of our minds.
We’re often amazed at the faith people put in their accountant, even when they’re actually getting a pretty poor service. It may be loyalty or fear of change that stops people seeking something better. More likely, however, is they don’t realise the service they’re receiving is in any way under-par.
If you’ve ever wished running a business came with a financial survival guide – this is it. Click the button below to get your free copy!