Achieve Financial Stability With Expert Cash Flow Management
We begin by conducting a comprehensive assessment of your business's current cash flow situation. This involves analysing your financial statements, identifying cash flow patterns, and understanding the key factors impacting your cash flow.
We develop a cash flow forecast and budget to project your future income and expenses. This includes estimating cash inflows from sales, receivables, and investments, as well as forecasting cash outflows for expenses, payables, and debt servicing.
We'll review your expenses to identify areas where costs can be reduced or optimised. This may involve renegotiating vendor contracts, implementing cost-cutting measures, finding more affordable solutions and prioritising essential expenditures. By managing expenses effectively, you can free up cash for other critical business needs.
We'll implement strategies to improve the management of your accounts receivable and accounts payable. This includes setting clear payment terms for customers, establishing efficient invoicing and collection processes, and negotiating favourable payment terms with suppliers. Managing these areas effectively helps ensure timely cash inflows and controlled cash outflows.
We'll continuously monitor your cash flow performance by comparing actual results against your forecasted figures. This includes regularly reviewing your financial statements, cash flow reports, and key performance indicators to identify any deviations or areas that require adjustments. We'll also make necessary revisions to your forecast and strategies to maintain optimal cash flow management.
Many business owners fall into the same tax traps, leading to unnecessary costs during the critical early stages of your business journey. In this article, we’ve outlined five of the most common types of tax mistakes that small business owners make and the steps you can take to avoid them.
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At Elephant Advisory, our accounting software of choice is Xero. As we encourage our clients to use Xero when working with us, we wanted to create a comprehensive beginner's guide to help small business owners get set up with the software.
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"Starting a hospitality business requires a combination of hands-on skills, a passion for working with people, and adequate funding to get off the ground. But ultimately, a key ingredient in your sustained success and profitability will also depend on having sound accounting practices in place to manage the financial and legal side of your business."
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