Adele Pearce of TaxAssist Accounting is showing you how to put some Spring into your finances

March is the first month of Spring with the clocks going forward towards the end of the month and the Spring equinox took place on March 20.

Adele is one of the TaxAssist Accounting team in Poole which deliver accounting and tax solutions for how we work today. They provide expert business advice and support, handling clients from individuals and sole traders to limited companies and partnerships.

Spring is that time of the year when buds begin to bloom, the days get lighter and there is new promise in the air.  Wouldn’t it be wonderful if, each year, this applied to your business finances too?

Thankfully, there are changes you can consider making to improve your business finances, so let’s dive in.

Review your expenses – Take a look at your business expenses and search for ways to cut costs. This could include reducing your office space such as allowing for more remote working or using shared office space.

Increase efficiency – Examine your business processes, and see if there are ways to streamline them, for example, you could look at investing in technology such as apps and software that will cut down on time-consuming administration freeing up time to concentrate on other areas of your business.

Improve Cash Flow – Consider offering discounts for early payments and invoices promptly and consistently.  Keep your bookwork up to date so you can analyse your debtors accurately and chase for payments on a timely basis. 

Review your business plan – It is always good to keep returning to your business plan.  Very often this is created at the start of your business when you are full of enthusiasm and goals, only to be shelved and rarely referred to.  Go back to this plan, review your goals filter out those that did not work, and set some new ones.

Develop a marketing plan – Take the time to plan out a marketing strategy that focuses on your ideal customers.  If they are local, engage in activities that are within your targeted area and will increase awareness of your product or service. Make full use of the social media channels available and consider digital marketing.

Please see our useful links below that can give further advice on steps you can take to improve your finances.

Plan ahead with your business

Reduce the impact of April 2023 tax increases

Seek professional advice – consider seeking business and financial advice from a professional such as an accountant, financial advisor, or business consultant to help you make informed decisions about your business.  

Poole TaxAssist Accountants are experienced and trusted professionals that can advise you on steps you can take to minimise costs and improve cash flow. We take a personal approach to businesses and individuals understanding that each situation is unique. We provide management accounts for those that need them, so they have a strong handle on their financial situation which positions them to make strategic decisions for their business.  

If you would like to speak to us about your business we offer free initial consultations and you can book one at www.taxassist.co.uk/poole

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayers’ circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.