Business Update 6 - Managing Cashflow in a Crisis

We are very aware that, in these challenging times, one of the greatest worries for a business is where the money is coming from to meet the financial commitments of today, whilst applying and waiting for the support that has been promised by government.

With this in-mind, we have produced a brief checklist that might help you to pose the right questions of your business and to see the sort of actions that you should consider taking in order to stay on top of the situation.

Cashflow

If you would like help with sourcing either the latest advice or compiling the evidence required to take action referred to in the checklist, please do not hesitate to contact us. For employers, this might cover questions such as:

How do I furlough staff and who is/is not eligible?
What records do I need to keep?
How do I apply for Coronavirus Job Retention Scheme?
When can I expect to receive cash under the scheme?

You might also find useful the following links to some hands-on cashflow tools:

Xero - spreadsheet based, using the data in Xero to guide you through the production of a simple cashflow forecast. This could be modified as actions are taken (using the checklist above) in an attempt to match the likely cash inflows with outflows click here.
futrli - a little more technical. Futrli is offering businesses a 7-day free trial to enable them to sync their Xero account and to produce ‘what if’ scenarios. Particularly useful if you are thinking of apply for a loan or other financial support because the software allows you to produce a fully-linked P&L, balance sheet and cashflow model for 1, 2 or 3 years. Please see the video recorded by futrli’s founder for more detail click here.

Both tools are already being used by us. Which is most applicable will very much depend on your particular circumstances. We would be happy to advise on the most appropriate and to guide or assist you in the application as needed.

WHAT OUR CLIENTS SAY

“We have used Ashton Allsop as initially as our accountants and now effectively as our FD for almost two years now. During this time we have seen a significant step up in our systems, ReceiptBank and Xero for example and now have a much improved grip on the business financials - all delivered in a friendly and cost effective way. We consider Ashton Allsop to be an essential partner in our business.”

Clark Benefit Consulting Limited

"Our business was growing and our old accountants just weren’t able to offer the timely and proactive advice that we needed. Paul and Martin came highly recommended so we moved to Ashton Allsop. The difference was night and day and they had an immediate impact, they spotted issues not seen before and identified allowances we should have used from HMRC. We speak regularly, we work with them through Xero and other tools they make available and everything is made clear and understandable. We were so impressed that we’ve moved our bookkeeping and payroll and they now complete our R&D applications. They provide a fantastic service and have saved us so much time and money, whilst reducing our total accounting costs. We consider them an extension of our company and couldn’t work without them."

Stephen Hickey, CEO Digital Control Rooms

Let’s talk about how we can help you

01372 700877

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