Managing risks in business
With the deadlock on the UK’s exit from the EU resolved and a new year underway, its time to look ahead.
Alba Cadenas
24/01/2020
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Managing Your Cashflow
Staying on top of your cash flow is a great way to keep an eye on the health of your business. Business owners that watch their cash on a regular basis will tell you that they have a clearer picture. Not just of how much revenue is coming in but also they are more in control of their business expenditure.
Check out our top tips for boosting the cash flow in your business:
Reduce your admin efforts
Let your preferred accounting software
do the heavy lifting to save time.
Manage your costs
We can help you consolidate and re-finance loans and assets to reduce costs.
Easily manage your cash
Earn more interest without the hassle of managing multiple accounts.
Easily manage your cash:
we search, you choose
Finpoint is a one-stop-shop for all your business finances. Every day our algorithm-powered platform scans the marketplace, covering more than 300 products from 70 leading banks to find the best savings products for your business. The research is done for you; simply choose the best products for your cash requirements and start earning more.
Single view of all your cash
Save time with a consolidated view of all your cash, no matter where it’s held. You’ll also be able to compare hundreds of interest-bearing products available from leading banks in one place, for free. Open a single hub account today and you’ll be able to transact across the cash products that are right for your business, earn more interest and reduce risk.
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Manage your costs
How many recurring monthly, quarterly or annual expenses do you have? When did you last review your utilities, payroll, insurance or other service providers?
By not reviewing expenditure regularly, you may be spending more money than you need to. The same applies to the cost of outstanding loans or leasing arrangements.
By not reviewing expenditure regularly, you may be spending more money than you need to. The same applies to the cost of outstanding loans or leasing arrangements.
Avoid locking up cash in machinery or stock.
Do you have equipment you rarely use or inventory that’s fast becoming obsolete? Why not consider selling it to generate some extra cash? And when you purchase new business equipment, check your leasing options.
By leasing equipment, you can access the latest kit while expensing costs against your business taxes.
By leasing equipment, you can access the latest kit while expensing costs against your business taxes.
Master the art of getting paid
Different businesses face different challenges. Clients in a shop will expect to pay you, before they get to take the product home. But what if you provide services remotely or need to send invoices?
The first step is to make sure any payment milestones are clearly set out at the start. That way clients know when they are expected to pay. Let’s say you are a plumber and have done the work, you could use a mobile app to accept card payments before you leave.
Sending invoices also needn’t be complicated. Many accounting software tools now include mobile apps. Set up a template once and enter each client details’ on the go. This ensures that your invoices are timely and depending on the software you use, it may include links for online payments.
If all else fails, you may need to send reminders to chase up overdue clients. Since late payment has been a big issue for small businesses, software companies have reacted and included the option to set up alerts. These can be set up before an invoice becomes due, and in set intervals after the due date.
Shop around to reduce costs
Do you have recurring cost for finance ? When did you last have time to review your business finance arrangements in detail? By not reviewing agreements regularly, you may be spending too much for outstanding loans or leasing arrangements.
At Finpoint we can help you consolidate and re-finance existing business loans and other funding facilities with a view to reducing your monthly costs.
Late paying clients?
Cash flow problems can cripple a small business. Research found that almost half of UK SMEs are being paid late, at an average delay of 72 days.
How do you prevent late payments causing you major problems?
How do you prevent late payments causing you major problems?
Reduce your admin efforts
Accounting software makes it easy to reconcile your accounts and banking data and it means your data is more up-to-date than the spreadsheet you last updated a few months ago.
Because of that, accounting software can be a great business tool that makes it easier to apply for business finance.
Let Accounting Software Do The Heavy Lifting
Using online software to reconcile your accounts and banking data is a great way to reduce the time you spend on mundane admin tasks. Modern accounting software packages such as FreeAgent, Sage or QuickBooks help you keep your information up-to-date, which in turn means you always have a clear view of your business’s cash position.
The Finpoint business finance finder is compatible with the following software providers:
Plan Ahead for Credit Before You Need It
A healthy working capital buffer is a good way to fend off cash flow problems. But with bank overdrafts less and less available, it is worth looking at other options early. Thats because lenders generally take a negative view when businesses appear desperate. From their perspective, it is an indicator that the business is not spending enough time on managing their finances.
As a business owner, it is worth preparing a cash flow forecast and to review this regularly. This can serve as a great way to see crunch points ahead of time, and to provide to lenders as evidence on how you run your business. This makes it easier for you to have a discussion around unexpected costs, because it signals to the lender that you are doing your homework. But as everyone in business knows, surprises can and will happen and you can trade your way out of them if you have a good grasp of your finances.
The Finpoint business finance finder is compatible with the following banking providers:
Short on working capital?
Access the largest panel of funding providers in the UK and get the clarity you need to select the best finance choice for your business
Finpoint Business Finance Insights
Managing risks in business
With the deadlock on the UK’s exit from the EU resolved and a new year underway, its time to look ahead.
Alba Cadenas
24/01/2020
Earn more interest easily, because time is money
Nowadays it seems fairly obvious that time is money. Everywhere in our daily lives, we’re encouraged to think like that. More
Alba Cadenas
21/11/2019
Impartial Advice
Finpoint is staffed with impartial finance experts that speak your language and are always ready to walk you through the pro’s and con’s of each option before you proceed.
Decide without any pressure, safe in the knowledge you got the best funding solution for your business.