Failure to prepare is to prepare for failure
As with anything it's important to have a plan for the future. This way you can ensure things run smoothly and that you have proper protocol in place if things don't.
Your business is kept afloat by its cash flow. If you don't keep an eye on this and make sure it's maintained, then your business will suffer. Cash flow that is not taken care of can dry up and if you don't have a plan in place this can happen very suddenly.
What is a cashflow projection?
At MoynanSmith accountants in Carlisle, we are expertly equipped to help you plan for the future. We'll work with you to come up with a Cash Flow Projection. This is a 12-month plan for the cash flow of your business. With this we'll make sure you have all the information you need to keep your business out of danger for the foreseeable. We'll even break it down into monthly projections so that you can manage your money even more effectively.
With the help of a 12-month cash flow forecast you'll be able to accurately manage as you go. You can compare the projection to actual results and make adjustments if you stray off course. Any potential shortfalls you may experience will be spotted before so you can properly plan to avoid them. This allows you to take a proactive approach to your business' money. So, you won't be left picking up the pieces.
If you know exactly how your business is doing, it makes it easier to see your possible options. With this knowledge of your company's cash flow you can make more informed decisions. Things like changing prices, hiring staff, moving premises and changing suppliers will become less of a risk. You'll get a better idea of how to grow your business.
Ultimately, obtaining a Cash Flow Projection from MoynanSmith will save you time. Time that can be better spent on other tasks. We'll make your business future proof.