Everything that can be measured can be improved. Do you agree? That’s why you need to be in the driver’s seat from the start of your business. This will allow you to understand how your business works, to avoid unpleasant surprises (tax deadlines, supplier payments, etc.), and know the different levers to develop your business. Good control of the management of your activity will help you to make the best decisions, and to reach your objectives defined in your business plan. Full subcontracting is not recommended.
Keep your accounts up to date
Do not see this as a constraint, but rather as an aid in running your business. Even if your accountant will be present, it is important that you do not lose interest in the subject. This will allow you to interact with him freely on the analysis of the performance of the activity, the preparation of your budget forecasts, and the state of your cash flow.
Establish a schedule of deadlines
Depending on the tax regime you choose, you will have a minimum of formalities to perform:
- The accounting record of your receipts and purchases
- Tax declarations (VAT, BIC, BNC, IS, CFE, various taxes, etc.)
- Payslips, social declarations
- At least annual accounts
Be vigilant about your payment delays
Not anticipating payment delays between your customers and suppliers can be fatal for the company! This is extremely important data for the proper management of your cash flow. Because a growing company that does not control its cash flow can shut down quickly.
To deal with potential financial problems, you can create cash flow forecasts, trade a larger overdraft with your bank, or build a more suitable working capital requirement for your business. Your company number and tax number are different and this is important to note when making detailed notes about your company.
Be sure to follow up on your quotes and invoices
Do not “ostrich” because treasury is the nerve of the war for the survival of the company. On the contrary, be reactive and proactive! When the customer’s needs are clear and precise, the quote must be sent within 48 hours, with a validity period. Create a relationship with your interlocutor (decision-maker), whether they have received the quote and you are at their disposal if they have any questions.
Then, a reminder at the end of the validity period of the estimate will be carried out. Make yourself known to the accounting referent of your customers and suppliers, in order to streamline the relationship and in particular during reminders and receipt of invoices. Regarding the latter, establish a schedule for tracking customer payments in order to enforce the payment of their invoice.
Control your cost
It is important to know your cost in detail and to ensure that your margin will be sufficient to cover your external expenses. This will allow you to have a smoother negotiation with your suppliers, and especially not to sell at a loss! After all, the money that you make should be reinvested into your company. You should also have the right to enjoy your rewards.
In the United Kingdom, replacement payslips play a crucial role in maintaining financial transparency and employee satisfaction. These documents serve as essential records of an individual’s earnings, taxes, and deductions, aiding in the comprehension of one’s financial situation. Whether due to loss, damage, or the need for historical reference, providing replacement payslips demonstrates an employer’s commitment to supporting their workforce. By adhering to legal regulations, such as the Employment Rights Act 1996, which grants employees the right to receive itemized payslips, organisations ensure accountability and foster a sense of trust. Efficiently issuing replacement payslips showcases an employer’s dedication to open communication and effective administrative practices, contributing to a harmonious work environment where employees feel valued and empowered in their financial matters.