As each week passes, the social shackles are slowly and tentatively being released. Businesses that have been existing in a state of semi-hibernation are re-emerging, blinking in the summer sunlight of the changed new world that is post-Covid Britain.
Is this your business? Have you spent the last few months operating your business in a reduced fashion? Maybe you’ve had to suspend activities altogether? If so, you’ll be looking forward to swinging back into action. There’ll be plenty to think about – for example, procedures and processes to be adjusted in order to account for post-pandemic government and industry guidelines. But this is also a great opportunity – more than that … an obligation – to check over and maybe re-think your bookkeeping procedures.
Keeping your accounts up to date
Wouldn’t it be great if life returned to normal? All being well, it will, before too long. But voices are telling us that many aspects of life will be changing for good and that we’ll be entering a ‘new normal’. If so, then, more than ever, you need to be on top of your accounting. Who knows what new challenges lie ahead – new opportunities too?
The point is that, for now, we’re embarking upon a period of uncertainty in which we may well be faced with new choices to ponder and new decisions to take. If we’re to be sure we make the right choices and take the right decisions, we need to have the right information to hand. We must be sure that the business information on which we base our decisions is accurate. This means being right on top of our accounting. We must make sure that all our figures – our cashflow, our debtors and creditors – are precisely as they should be.
The best thing you can do? Call us. We’ll fix up a Zoom call to go through your accounts and make sure your financial information is in good order.
Invoicing and credit control – keeping a tight rein on how much you’re owed
So – we’re agreed that many businesses will be facing challenging times. If the immediate future is looking rosy for your business, that’s great. But what about your customers? How’s the outlook for them? Will they be paying you as promptly as they did before?
Cashflow is vital for business, and credit control is vital for cash flow. It could only take one or two of your clients, once prompt payers, to start dragging their feet and keeping you waiting for payment, for your cashflow to suffer. This, in turn, will be like a millstone, dragging down your ability to operate efficiently.
The first step you can take, if you haven’t done so already, is to speak to your clients. Give them a call. Ask them how they’ve been coping. This will have two benefits –
- Your clients will appreciate that you’ve shown an interest. Depending on the nature of your business, your phone call alone could be sufficient to prompt them to start placing orders.
- The conversation could give you a clue as to how your customer is faring financially and might flag up payment difficulties ahead.
Your next step might be to review your Terms and Conditions. With the uncertainty that we’re facing, you might want to think about amending your payment terms to make sure your cash comes in sooner. You should also review your processes for chasing late payers. Being relaxed about chasing late payers may no longer be an option.
As business life returns to normal, check with us. We’ll be delighted to offer all kinds of business advice, whether it’s about invoicing, chasing late payers, or any business matter. As long as we’re helping and supporting you and your business, then we’re happy!
Here to help
We’ve devoted the last three and a half months to supporting our clients. This has been an extraordinary and difficult time for so many people. We pledge to support you and your business in every way we can. Self-employed solo-professional, the owner of an SME, or a larger company – it’s the same to us. We’re here to keep you fully in the picture and aware of both the challenges and the opportunities that the coronavirus pandemic has presented.
More than ever – we’re here to help!
Call us – 01604 700020
Or send us an email <firstname.lastname@example.org>
It would be great to hear from you.