We all know the importance of a healthy cashflow, but controlling it relies heavily on having a robust cashflow forecast that is regularly updated and reviewed.

With your forecasts in place, to tightly control the flow of cash you will need to:

  • Invoice; accurately, regularly and before the month end, offer payment on account or on a proforma basis
  • Cash Collection; systemise your invoice terms, statements, reminder letters/emails, phone calls and involvement of solicitors, offer efficient methods of payment (BACS, Direct Debit, Credit Cards), put accounts on hold, go and fetch your payment
  • Financing Options; consider invoice discounting, asset finance or leasing
  • Tax Payments; scheduling of PAYE payments, VAT payments, surcharge regime, VAT review, electronic payments and direct debits, corporation tax payments

Your own cashflow situation will be unique to your business. If you would like us to review your current forecasts or assist you with tightening any aspect of cashflow control, please do contact us 01332 365855.