Best Bookkeeping Services in Barnsley

Statistically most businesses that fail have sound business plans, strong customer bases, serve a need in the community and have determination and drive. So, what goes wrong? Cashflow! Getting a handle on what this means and quickly is the key to survival. Knowing your pinch points, income and expenditure fluctuations and storing financial reserves are sure fire ways to ensure you are not one of those unfortunate businesses but one of the thriving ones. The myth is that monitoring cashflow is complicated and long winded but it doesn’t have to be. There are a lot of tools out there to help with this and your accountant is one of them, so with few conversations and a little set up cashflow doesn’t have to be scary. If you are in trouble, there are quick tasks that can be done to assist whilst the overall recovery is being done. • Check who owes you money? Can you collect it in full or with terms. • Check who you owe – can you negotiate a grace period or interim terms. • Review regular expenses – are they still needed? Sometimes subscriptions and DDs can get away form you and you think “I’ll check these later” and never do. • Last resort, have you tried short term credit? Overdraft, business loan…sometimes costly long term but can buy thinking time and breathing space in the short term. Key thing is not to panic and ask for help from your accounting professional.