Purity Within

your cash flow. 💸

Picture this. A small business’s sales are growing 📈, but they are often short of cash 💰. It’s not an unfamiliar situation for us to come across with new clients, and our approach is to review the cash flow where we will typically identify things like high stock levels and loose payment terms.

Here’s what we would do:
✔ Implement just-in-time stock management
✔ Change credit terms and improve credit control
✔ Set aside cash from peak sales periods to create a buffer.

The result? Improved financial stability 📈 and better decision-making. 🤔😊

Better cash flow management will drastically improve your financial stability, your need for emergency cash and give you more opportunity for growth - as well as better risk management.

Please share if you have found this helpful!

We cover cash flow in our Sole Trading Made Simple Course. Learn more below 👇 or follow the link 🔗 in BIO

https://www.yoursmallbusinessfriend.com/soletradingmadesimple-6761

This week in our group we're talking all about allowable expenses. 💸

One of the questions ❓ that we get asked regularly is "what expenses can I claim when I'm working at home?"

You can claim a proportion of your household expenses 🏠 such as heat and light, rent or mortgage interest when you work for yourself from home.

So, if your house has four rooms, excluding the kitchen and bathroom, and you use one room partly for business purposes, you may be able to claim up to one quarter of those costs.

And, if you work from home for at least 25 hours per month you can use the simplified expenses which allow you to claim household expenses using flat rate allowances to save you time in calculating 🧮 the business proportion of costs.

If you'd like to get involved in the discussion around expenses, join our group - https://www.facebook.com/groups/442862566647054

We haven't gone away... 💻

January is always our busiest month of the year with the self assessment deadline of 31st 🗓

This year we are in a better position that we've ever been in terms of outstanding self assessments due to new systems and processes that we implemented last year 🙌 Alot of this was obviously due to planning towards the Making Tax Digital date that HMRC have now changed.... 🤯 AGAIN!!

We are still wrapping our heads around what these changes mean for ourselves and our clients but we will be in contact with everyone in February once self assessments are complete 🙌

Have you made any New Years resolutions yet? 🙏

Maybe one was to start that business that you've been considering for so long? 🤔

We understand that there are so many things to consider 💭 when you're just starting out 🤯 We've pulled together all our experience from dealing with small businesses over the years into an invaluable guide for you to follow 📖

Download now and let's make 2023 the year you follow your dream 💭

https://www.yoursmallbusinessfriend.com/5-important-sole-trader-decisions

Capture the brightness of the glistening snow in your home with this blend. You'll be walking in a winter wonderland!

Are you ready for Making Tax Digital? 💻

MTD means that you need to have software in place by April 2024. Although this might seem like a long way away, it really isn't!! ⏳

Like everything the software will take some time to get used to so I would recommend that if you haven't already you start to think about which is best for you and your business.

We find that ticks all the boxes for our clients ✅

We are a Quickbooks partner so please contact us today if you would like to learn more.

Just a little up that our office will be closed next Tuesday and Wednesday for the holidays.

Have a great weekend!