Tips to get ahead in the new financial year

With the end of the 2019/20 financial year upon us, it can be a somewhat stressful experience for small and medium (SME) business owners.

From meeting tax deadlines to getting through what feels like a never-ending heap of paperwork, here we explain how the small steps you take in April can ensure you get ahead throughout the new financial year.

Look Back and Review the Previous Year

Think about what projects went well…and what didn’t. As a business owner, it can be difficult to find the time to reflect, however it’s absolutely necessary to take a step back in order to evaluate the highs (and lows) of the previous year to make more informed decisions going forward that work for you and your business.

With the help of Xero, the expert team of chartered management accountants at Clear Vision Financial Management have the ability to give you deep insight into your accounts through clear communication. We can give you a new level of insight and be on hand to make sure everything is clear to you and makes sense.

Understand Your Cash Flow

Did you know that over £14 billion is currently owed to small businesses in the UK as a result of late payments? In any business, it’s crucial that your customers are able to pay you on time. If they don’t, not only will this negatively impact your business but create a ripple effect throughout the chain including your suppliers and whoever they may be working with too.

That’s why we believe that you should always be sure that anyone you go into business with is in good financial standing, otherwise you and your business may suffer the consequences.

Lean on Your Accountant

Don’t be afraid to ask for help if you need it, no question is too small!

If you ever have any doubts and are looking for sound financial advice, you should always seek assistance from a chartered management accountant such as Clear Vision Financial Management.

Contact the friendly team on 01794 330 025 or email info@cv-fm.com.