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COVID-19 Business Update (cropped)
30-04-2020

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.

 
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