Sponsored by
My top tips with Dorothy Wilcock
1 Good financial planning is crucial – don't be scared of facing and making difficult business decisions.
2 Start questioning early your credit facilities with UK retail banks and maintain a meaningful dialogue with your bank and also with your chartered certified accountant.
3 Review your bank charges. Could you switch accounts and find a better deal with a new bank? Could your current bank give you any special deals as a loyal customer?
4 When it comes to rolling-over banking facilities, watch out for hidden charges and, if necessary, factor those into financial planning.
5 Review all your direct debit arrangements – for the business and for your personal finances.
6 Try to clear credit card debt. But if you use them, try to pay without incurring interest and pay off balances before charges are incurred.
7 Chase your cashflow and if you can't make payments, let your creditors know why and when they can expect a payment.Pay special attention to cash-flow forecasts and to monitoring cash flow. Ensure management accounts are up to date and that all key financial reconciliations are done, reviewed, and outstanding items cleared.
8 Tighten up credit control, cash collection procedures, and treasury management.
9 Look carefully at your forward order book, and the timing of future orders.
10 Consider carefully current and future customers and their ability to pay – do not simply rely on credit ratings.
Dorothy Wilcock is West Yorkshire president of the Association of Chartered Certified Accountants (ACCA). She offers her tips to firms on keeping control of finances.
Email to a friend
Print this page- Sheffield Wednesday leaving it late to hijack Leeds United over Ward
- Ball is in Leeds United’s court over contract - Snodgrass
- Celtic interested in Leeds United’s White
- Sister ‘saw parents kill teenager Shafilea Ahmed for bringing dishonour on family’
- Fears over faith split fuelled by free school proposals
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Yorkshire
Tuesday 22 May 2012
Today
Sunny
Temperature: 9 C to 23 C
Wind Speed: 21 mph
Wind direction: North
Tomorrow
Sunny spells
Temperature: 10 C to 23 C
Wind Speed: 12 mph
Wind direction: North east
