Client Information and Advice - 200319

This is intended to provide you with good advice and useful information and not to swamp you and I hope you find it useful
What I am suggesting is what I have implemented myself in my own business
Cash Management
1. Debtors
  • check your debtors
    • chase anyone who is overdue for immediate payment
    • send a statement to everyone who is due to pay you up to and including 31 March
  • raise your invoices daily and send them to your customers/clients
  • If you are on Invoice Finance
    • upload your invoices daily
    • drawdown the maximum availability on a daily basis
2. Expenditure
  • cancel all discretionary (nice to have/not essential) spend immediately – this might be little used software or simply purchases that you can simply do without
  • delay any supplier deliveries which are not immediately required
  • delay any imminent capital expenditure unless it is business critical eg Fire/Burglar Alarm
3. PAYE/VAT – call the tax helpline on 0800 0159 559 and request a deferment for actual or imminent payments for PAYE, VAT, or Corporation Tax –
4. Employee Costs – Wages and Contracts
5. General
6. Government Emergency Business Loans
7. Keep your bookkeeping and accounts up to date 
  • We don’t know the exact process for applying for help however it is unlikely to be an open cheque book
  • Anyone lending you any money through any of these options is likely to want to understand your financial position which should include
    • Profit and Loss
    • Balance Sheet
    • Cash Flow Forecast