Internal ControlsWhat are Financial Controls? Financial Controls are the policies/procedures, controls, resources, training and systems that manage your business finance. They should be fit for purpose to do the job effectively and efficiently with the right systems, staff and security/authority measures in place to protect and grow your business. How robust financial controls can benefit your business It is important to note that whilst increased sales are good they do come with additional costs, materials, labour, resources, premises which can all reduce your cash flow. Sales are tomorrows cash inflows – ‘a sales is not a sale until it is paid for’ So how does a cash flow forecast assist? You can produce multiple forecasts for different scenarios to assess how each scenario impacts on your cash flow. You can factor in new product, potential large orders and changes in the current business model or market. This provides a realistic forecast on how these factors will impact on your cash position and whether you can fulfil them without over trading. It also provides you with an essential document that assists your cash management and maintains your finances in a controlled environment and provides reassurances with forward planning. We engaged Denise to oversee our own staff in moving our accounts to SAGE. She did this with flying colours, and indeed trained our staff to such a level that we are now running very smoothly. Roy Goff, Capital Living London Download our E-BookDownload our useful E-Book “Accounting Guidance for Small Businesses” to get Denise’s top tips on credit control, sales invoicing and when to outsource. Download Don’t rely on the bank balance as your key indicator Cash flow forecasting and management is a key aspect of financial management of any business planning and its future cash requirements to avoid cash flow difficulties. From experience too many businesses just rely on their bank balances to gauge their cash flow position and then realise too late that they cannot meet their liabilities or overlook provisions for tax liabilities. Cash flow forecasting and management is essential to your business future – are you devoting the time to your cash position and your finances, is it becoming too much and overwhelming? If the answer to these are YES and you need extra support please contact Denise for a free consultation on how she can support you and your business.