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Chartered Accountants

Trusted advisers of all tax compliance and annual accounting issues facing both individuals and small businesses.

Improving cash flow for your business

Posted on Dec 14, 2018 by admin

Cash flow can be an issue for small businesses, especially if you have peak and low periods.

Follow these tips to improve your cash flow and avoid running into a tight financial spot.

Flexible rostering
Your staffing may need to change in peak and low periods. By employing casuals and using a flexible roster, you can cut back on hours when you need to improve your cash flow in quiet periods.

Monitor stock levels
Excess stock levels will increase the storage space you need, insurance costs and tie up your cash. Monitor your stock levels so you can find the most efficient level. Keep in mind delivery concerns, peak and low periods and your storage capacity when you make these decisions.

Have a mandatory deposit policy
For larger orders, it is worth having a non-refundable deposit. A deposit reduces financial loss should the product be returned or exchanged.

We have been with BDS Hughes Accountants nearly 5 years. Without their knowledge and forthright suggestions we would not been able to experience our high level of success. We are comfortable with the working relationship and ease with which they are able to communicate with us. As we as the normal accountancy service, Garry advised us on Xero accounting and taught us to uses the program in plain simple English. We can say only that we have had nothing but exceptional service and the advise we have received has been correct and perfect for our business, which is why i would not hesitate to recommend their services.
Wendy EvansDirectorThe Roof & Brick Shoppe

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Retirement is a big commitment and even more so for those who are self-employed or run their own business. All the factors that go into the decision to retire are magnified with a business to consider. Selling or closing are not the only paths if you choose to move on, this is why succession planning for your business is a great start for you to see where you want to go. For business owners, planning for your business’s future can be the key to its survival after you leave. With the succession planning process, you will need to set ultimate […]

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