Mar 25

Managing cash flow during the COVID-19 situation

  • This section is vital in the whole planning stage, it is important to look at what money is coming in, when and what money is going out. Once you have this information you will be able to assess the position and also have the necessary information to defer payments, chase debtors earlier or apply for assistance from lenders or the Government. This is an area we can help you with, even if it is just a guide.

 

  • Debtors – who owe you money and when is it going to be received, as with creditors you need to have an idea of what money is due and when in order to plan your outgoings accordingly.

 

  • Creditors – it is important to collate a full list of creditors and determine when the payments are due, most suppliers will engage in dialogue repayment terms and it is much more effective than ignoring the demands.

 

  • Loan repayments – many banks have agreed to provide a capital repayment holiday as well as providing other significant support.

Click here to download our leaflet dated 24/03/20 

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From first going self-employed to starting a limited company, the fantastic accountants at Sage have talked me through the processes and looked after all things accounts-related, leaving me with peace of mind; free to focus on the day-to-day operating of the business. Sage handles everything for me from payroll to tax returns and their service is flawless; when I need something its done; when I need info I get it. All of their staff are friendly, professional, efficient and patient and I couldn’t manage without them.

 

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