An independent finance firm recently surveyed 1000 small businesses to find out what cash flow obstacles they’ve faced and how easy it’s been for them to overcome those issues.
Hopefully you’ll agree that accountants tend to be the most trusted business advisors for SMEs; certainly 72% of business owners told ICAEW that they get added value from maintaining good relationships with their accountants.
So what did the research show?
Managing cash flow is one of the biggest concerns for business owners. The research found that “Consumer and supplier expectations have shifted to a new pitch: faster, simpler, and more connected are now the expected norm.”
In the ‘olden days’ accountants work was quite reactive with client meetings once a year that would throw up any problems that had occurred over the past twelve months. How things have changed – now many accountants meet with clients more regularly.
Here at Nordens, however, we’ve always taken a more pro-active approach.
It’s important to meet with clients on a quarterly basis, and to be available whenever a potential issue rears its head with advice on the best strategies to move forward. But importantly, it’s brilliant to meet regularly to assess positive changes that can be implemented to make the business run more smoothly and profitably – not only in times of stress, but for constant improvement too.
This approach of constant contact means you can identify and tackle cash flow problems well before they get out of hand.
A member of our team has created a range of powerful tools including bespoke software and analytical packages that can empower you to stay in control of your cash flow and other relevant finances. Ask us if you’d like to know more about accessing these.
Almost one in five businesses suffer from late payments. When you invoice someone, you expect to be paid promptly – sadly this isn’t always the case: another reason why it’s good to know that your accountant has your back.
Now that Making Tax Digital (MTD) is in full force, it’s much easier to keep track of what’s coming in and going out using digital software. You can see straight away who’s paying late and by how many days, weeks or months! Ask your accountant to help you to understand the data and interpret what it all means, allowing you to see the red flags and deal with them in an insightful way.
The research findings reflected current thinking that high street banks are less responsive to clients’ needs. Their lack of personal service and centralised processes mean that, often, no one has a clear understanding of their customers’ businesses. This level of finance care is just not up to scratch.
Our clients don’t need to worry about that. We connect businesses to the right financial institutions for them, the ones that will be best suited to their requirements. With the latest technology and our circle of trusted professional contacts offering a selection of options, it’s easier for you to access the help you need.
Removing the stress
Wouldn’t a smoother cash flow help to take the pressure off – especially now, as many businesses begin the run up to Christmas?
You have several options to make it happen; don’t leave it until it’s too late!