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The best way to get your financials into shape is to bring in a financial fitness trainer, says Lisa Martin, Executive Director of specialist small-business accounting firm, GoFi8ureĮvery January we set ambitious resolutions to eat healthier food, hit the gym or spend more time with our family. Don’t wait until you’re on the brink before you visit the bank.Īnd if you don’t where to start, ask your Accountant or your Bookkeeper – easy! Posted in Tips Tagged Accountants Hutt Valley, Accountants New Zealand, Accountants Wellington, Accounting Help, Bookkeeping Help, Budgets New Zealand, Cashflow, Cashflow Management, Create Budgets in Xero, GoFi8ure Bookkeepers, GoFi8ure Xero trainers Fresh Start for Your Financials

Know your finance options before you need it – know how and what you can borrow.

Use financial forecasts – analyse your accounts, create projections to limit financial surprises.

Generate reminders via your online accounting system and you can keep track of when you’ve chased and when it’s time for a firm phone call.

Send out payment reminders – send these out close to the payment date and as soon as a payment has been missed.

State payment terms on your invoices – so everyone knows when payment is due and you can instantly spot overdue payments.

Control your costs – you should live and breathe this one.

However, there are a few time-efficient strategies that you can put in place to ensure you don’t get caught out: It’s a fact of life that small business owners are time short. Come the end of the year, these business find that their cash flow has run dry and they have to borrow. Many meander along day to day without even thinking about what’s around the corner and others tear through their business hours like a raging torrent with no time to stop and look at what’s going on. The trouble is that only a small percentage of small businesses are in this situation.

You’ll likely have prepared your cash flow projections some time ago for this period and will have chased up your debtors to ensure all monies owing will come flooding through before you have to pay out holiday wages for your staff. If your accounts are organised and your bookkeeping is all up to date, this shouldn’t be a problem. But, unless you are in retail and plan to only close for a day or two, this basically means no income while you’re shut – and no income can have catastrophic effects on your cash flow. You’re probably going to close your business for a couple of weeks while everyone has a jolly good break.

The third in a series of Small Business Basics by Lisa Martin, Executive Director of professional bookkeeping and accounting firm, GoFi8ure.Ĭashflow – don’t let yours get down to a trickleĬhristmas is coming and ‘oh my goodness’ it’s also nearly the summer holidays.