FINANCIAL & LEGAL
Take back control of your fi nances
Cashfl ow is king for every successful business, and with the help of clever technology, entrepreneurs can take back control of their fi nances, says Michael O’Brien.
Promotional Feature Managing cashfl ow is essential to the long-term success of all businesses, yet poor cashfl ow and fi nancial management remains one of the primary reasons why businesses fail. Eff ective cashfl ow management will ensure you
have enough money to pay staff , suppliers and the taxman on time, whilst building up the cash reserves needed to invest in the future growth and development of your business. Successful businesses and their owners are also
entrepreneurial, agile and ready to embrace new challenges and technology to help them to seek a competitive advantage.
And there’s plenty of aff ordable tools available
to allow any business owner to take back the day- to-day control of their cashfl ow, and enable better informed and timely management decisions. After all, at the heart of success is a strong hand and a fi rm understanding of business fi nances. Take,
for instance, and accounting products cloud technology such as Xero and
QuickBooks Online, which help bring secure and real time fi nancial information to business owners – whether that is cash in the bank, sales for the period, money owed to you or money you owe your suppliers. But business owners also do not work fi xed hours
or like to be restricted to their desk. Thankfully, cloud accounting packages are ready to use where and whenever needed and are supported by a useful range of apps tailored to specifi c industry sectors. In case you weren’t already convinced, research
shows that businesses using online accounting platforms are getting paid faster and will make
future compliance with HMRC’s own move to online real-time reporting easier. Online accounting platforms also allow for a much greater level of collaboration with your accountant, as you can both view the same data at the same time irrespective of location. With real-time access to all the numbers, and the
automation of much of the basic accounting process, it means business owners can now have a diff erent relationship with their accountants and advisers. More focus can be given to looking at the future strategic goals of the business rather than trying to process the transactions from the previous period. Award-winning
cha r t e re d accountants, business and fi nancial advisers, Kreston Reeves work alongside their clients, taking on the role of a financial director.
Their team provides specialist advice and support
needed to help business owners achieve not only their vision and long-term goals for company growth, but also the management of their personal wealth. As the business grows over time, they will
also work to develop the strategies and create the systems and controls suitable for managing a growing business’s fi nances. Technology is changing the relationship
businesses have with their accountant, and we would urge business owners to take back control of their business fi nances. Consider carefully the choice of system
and the future needs for your business – and review today the diff erence online accounting could make for you.
CONTACT US
Michael O’Brien is a Partner and Head of Technology at Kreston Reeves, and advises a range of growing technology, digital and creative businesses. Michael can be reached at
michael.obrien@krestonreeves.com called on 03301 241399 or online at
krestonreeves.com.
34 Be Your Own Boss distributed with
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