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COVID-19: Maintaining Business Financial Reports

29/07/2020

In these difficult COVID-19 (coronavirus) times, it is even more important that business owners and entrepreneurs maintain and keep up-to-date with their business management and financial reports.

Regular business management and financial reports can help to ensure owners are aware of a business’s cash flow, debtors, balance at bank, tax payments due and sales/turnover forecasts – all of which help to ensure cash flow and profit records can be managed effectively, profit margins can be maintained and the financial health of a business can be monitored.

Up-to-date management reports ensure owners and entrepreneurs can keep on top of debtor balances with a sound plan to recover monies owed, including not only chasing for payments due but also, where necessary, agreeing credit limits and terms with customers considered a ‘good customer’ for the medium to long term (i.e. post the COVID-19 crisis).

If business owners and managers do not have time to review financial reports and create forecasts, they could consider a Virtual Finance Director. A Virtual Finance Director (FD) service provides all the benefits of an in-house FD – at a fraction of the cost. At HaesCooper we offer this service at a fixed fee, which is calculated on the amount of FD time a business requires each month.

Business owners and managers should also consider using accounting software, whether online or not, to support the completion of the work required to produce good management and financial reports. Most digital accounting software includes reporting tools that business owners and managers can use to create cash-flow statements, profit and loss statements, income statements, accounts payable, and other common financial statements.

Here at HaesCooper, we can provide all the necessary financial and fiscal management services to support businesses of any size. This support can help to ensure regular management and financial reporting can be completed in a timely fashion, which can help to ensure good business management in these unprecedented times. If you would like to learn more about the financial management services HaesCooper can provide now, and post COVID-19, contact us.