It is very important to know your income and expenditures in a business. Many businesses fail in the first 1-2 years, and we have a firm belief that this is due to the owners not working on their business, but rather just working in their business.
Most business owners do not have a budget or cash flow. It is very important to have these reports so you can track your progress quickly, and pick up on what is and what is not working for you.
Don’t let your business be in control of you – take the wheel and watch it grow as you steer it in the right direction.
At Trilogy Tax, we will explain things in a simple manner and do everything you need from us in order to make sure your business is running like a well-oiled machine.
When businesses run out of the money they need to operate and cannot apply for any financing, they become insolvent. If this happens, it’s simply not good enough for the management or owner(s) to simply say they weren’t aware of any cash flow issues.
Business owners need to have a firm grasp of their finances, and also need to be able to predict if and when cash flow problems will potentially occur, and make sure the business has enough money to stay afloat. A couple of reasons it’s imperative that businesses understand this is:
Could you imagine how much your business would be affected if you weren’t able to pay employees and they didn’t come in to drive sales? Almost as bad, being unable to pay suppliers on time can be detrimental to future relations with those suppliers.
Being able to easily identify shortfalls
Any abnormalities in the cash flow can be easily picked up and you can assess and manage issues before they occur.
If you have any questions for us, or are looking for assistance with budgeting and/or cash flow forecasting for your business, please don’t hesitate to contact us today. You can do so by calling 07 5499 9973 to speak with us directly, or if you’d prefer you’re free to send us an online enquiry and we’ll be in touch shortly.
We welcome any questions you might have for us, and are here to provide professional, friendly assistance with a variety of different personal and business accountancy services.