Supporting many of our businesses here at HQ during this pandemic has been our goal.
Managing your Company’s finances amidst uncertainty or making your accounts as resilient as possible is going to be more important than ever!
5 SME ACCOUNTING TIPS FROM THE ENGINE HOUSE
Update your records regularly as it can be daunting to upload piles of receipts and expenses all in one go and up to date data will help you to make quick business decisions and respond to the unexpected.
Invest in new ways of working such as online software e.g.Xero or Quick Books as they make accounts and reporting easier, quicker and more professional. Saving to the cloud will also reduce the risk of losing data and allow remote working.
Regularly review debt as although your figures may look good if you are not collecting in the cash then you could have yourself a false economy.
Cash is king so keep on top of your bank balance and projected receipts and payments. Without cash you cannot pay your staff, overheads or buy key materials. Take deposits up front from customers if you can. Make sure you have applied for any government grants you may be eligible for: Coronavirus (COVID-19): Business support - GOV.UK (www.gov.uk)
Produce a budget and review performance against it as this helps you to plan, prioritiseand keep on track. Regularly review significant commitments and expenditure items to ensure they are necessary and you are getting the best deal out there.