Rising global energy prices are a worry for all business owners. When the cost of your predicted annual bill doubles overnight, that’s likely to stretch your cashflow extremely thin. The good news is the introduction of the Energy Bill Relief Scheme for qualifying businesses, helping to cap your gas and electricity costs at a more manageable level. We’ve outlined the...
To understand the financial position of a business at a specific point of time, look at the balance sheet. The balance sheet may also be called the statement of financial position. Together with the Profit and Loss Statement, and possibly other reports such as the Statement of Cash-flow, these reports provide a complete understanding of the financial position...
The foundational goal of any business is to make a profit. As a business owner, that’s one of your key financial aims – to make enough sales, at a big enough margin, to generate profit from your enterprise. But how does profit differ from cashflow? And why is cash king? How do profit and cashflow differ? To really...
Sending invoices promptly is key to good cash flow management. As soon as you deliver a product or service, send an invoice to the customer. This will help you develop a habit of sending invoices for payment quickly. Getting your invoices paid on time is essential to maintaining a healthy cash flow. Here are five rules to help...
Every business needs finance to get the initial enterprise off the ground. You may well have entered into finance arrangements to fund the initial stages of the business, taking out loans to purchase equipment, lease premises or take on staff. But when was the last time you reviewed the arrangements or looked at the options for accessing other...
If you want to stabilise your finances and grow the business, working to strict budgets becomes a necessity. Managing the cashflow twists and turns of a project can be hard work. But it’s easier to do when you have an agreed budget and can track your spending and performance. So, what’s the best way to stay in control...
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