32
MARCH 2015 PRO INSTALLER
PRO SERVICES
www.proinstaller.co.uk
Bucking bad habits: Why
financial planning shouldn’t
be reserved for year-end
With the financial year coming to a close, KPMG Enterprises’
Head of Small Business Accounting, Bivek Sharma, provides
advice to smaller businesses on managing their finances
and planning ahead at this crucial time of year.
Financial year-end is one of
the most important points in
a business’ financial calendar – providing a key opportunity to re-evaluate overheads, costs, turnover and
profit, in line with industry
economics and performance
rates.
But this shouldn’t be reserved to
big blue-chip companies, it’s also
essential that smaller businesses in
the trade are in the know when it
comes to their finances – not least
at year-end, when a business owner has the opportunity to evaluate
performance and plan for the year
ahead.
No matter how large or small
your company, and what sector
you’re operating in, looking ahead
to the new financial year with a
clear, fresh and up to date plan
will help to keep your business
on track and heading for success.
Financial strategy needs to form
an overarching framework in any
business and is necessary to guide
key decisions. With a clear strategic plan in place from the offset,
businesses can set about executing
plans safe in the knowledge that
outgoings and turnover are 100%
accounted for. So, what can those
in the trade do to ensure they’re
on track with their financial schedule ahead of year-end?
The first touch point is tax and
allowances, which usually end
with the financial year. As a small
business, it’s important to use
allowances effectively so that
you do not incur charges. It is
also useful to make notes of tax
deadlines to make sure that you
are ahead of the game and will
not face penalties. Really, the key
is to ensure you’re aware of the
financial schedule; meaning you’re
always in the know when it comes
to upcoming outgoings, taxes and
charges.
It is also essential to continuously re-evaluate any plan that is
in place - falling into the trap of
making a big elaborate strategy,
but not checking one, two or even
three months down the line is all
too easy; you need to ensure that
your predicted turnover and profit
is on track. Reviewing your set
targets each month will be much
more effective for your business
and will help you to monitor
trends and changeable economics,
ensuring your year-end results
don’t hold any nasty surprises.
Once you’ve got your head
around the figures, market trends
that impact on your profitability
month-on-month can be accounted for, which will allow you to
reserve funds from peak trading periods and help with cash
flow when demand is quieter.
Businesses can also benefit from
external help – and it needn’t
be costly. An investment into
a resource that allows you to
monitor your finances in an easy
and accessible way could mean
the difference between failure and
success.
They say you have to invest
to grow; I like to think that an
investment in financial monitoring is the ultimate safe bet for a
company – allowing you the time
and the knowledge to focus your
business growth in areas that you
know to be profitable and plan in
full for the financial year ahead.
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