Small Business Week – 6 Tips To Managing Your Finances
Money is definitely not everything in life, but handling finances efficiently within your small business will make a massive difference to your profitability, sustainability and success. It will affect everything from how you pay your staff to much you are able to reinvest into your company for the future.
This week (3rd – 7th September) is National Payroll Week, which was established by the Chartered Institute of Payroll Professionals (CIPP) to raise awareness of the impact payroll has on businesses in the UK. This has also coincided with National Small Business week 2018, so we thought we’d take this opportunity to share some of our top tips on making the process as seamless as possible for the smooth and effective running of your small business.
- Keep information up-to-date. It is nearly impossible to maintain competent finances if any relevant employee or business information is not up-to-date. Checking the data you hold on employees each year is a good place to start, for example, to ensure that you are paying the right people the right amount and that all tax codes remain correct.
- Understand your cash flow. Knowing exactly where your income is from, what affects it and how you can release any tied equity is important for understanding your business. It will also facilitate more accurate future planning, as you’ll be more familiar with the natural peaks and troughs of your business throughout the year.
- Trim the inefficiencies. This is not simply a cost-cutting exercise, but rather a chance to identify areas that waste time, money or resources and to streamline processes for greater efficiencies. Even the smallest changes to your day-to-day routines could have a significant impact on your bottom line at the end of the year.
- Outsource your payroll. At Wagemate we provide an automated online payroll service that takes all the hassle and responsibility away from you. We cover everything from paying wages to managing auto-enrolment pension schemes, paying tax, BACS transfers, HMRC filing and much more. Not only will we save you precious time, but we’ll also minimise the risk of any errors to give you complete peace of mind with our risk-free guarantee.
- Work with the experts. Experienced financial advisors can help steer you in the right direction and enable you to maximise your finances the easy way. Whether you need guidance on workplace pensions or you’re looking to offer employee benefits, utilising the expertise of specialists can allow you to support and retain your employees for longer, all without the burden of extensive administration and compliance. Our trusted partner, SG Corporate Services, can offer all this and more – give them call today for a no obligation chat on 01603 760 866 (Norwich) or 01473 255 948 (Ipswich).
- Seize opportunities. While it’s important not to jump off at the deep end without proper planning and preparation, it remains important to seek out and make the most of new opportunities in business. Don’t be afraid to try something new – with the backing and support of the right people and systems around you, you’ll be in the perfect position to succeed!
To make sure you’re managing your money efficiently, take time this week to assess your current situation and decide whether you are on the right path. If you’re not sure, seek support from experts who can help get all your money matters back up to scratch.