Here’s our Plain English guide to profit and loss and what this report reveals about your finances. What is profit and loss? Your profit and loss statement is commonly called your ‘P&L’. It’s also sometimes referred to as your income statement or statement of earnings. Your P&L is a breakdown of your company’s revenue (money […]

For centuries, accounting was all about reviewing historic information – but that only told you about the past, not what was going to happen in the future. If you’re only looking back at past periods and historic numbers, this limits the insights you can achieve for your business. With a backward-looking ideology, it becomes difficult […]

Cashflow is incredibly important for businesses. More cash in the account means more capital to fund day-to-day expenses or buy new equipment. However, many small business owners report difficulties when it comes to the delay between issuing an invoice and actually getting paid. Six ways businesses can encourage clients to pay their invoices quicker Reduce […]

When you’re operating and managing a small business, you have a finite pot of cash to work with. Because of this, it’s incredibly important to manage your cash well and to have clear budgets and spending limits for every area of your business operations. Let’s take a look at why budgeting is such a vital […]

There’s a common saying in business: cash is king. Having a strong cash position gives a business a critical buffer when it comes to covering day-to-day operational expenses, paying suppliers and making capital purchases. However, cashflow can be notoriously difficult to manage in practice, even for profitable businesses. Five ways that can help keep your […]

We all know that positive cashflow is the beating heart of any successful business. And with so many external pressures on your cash right now, it’s important to have one eye on the future. Cashflow forecasting is an increasingly important tool for any finance team. With a better view of your future cashflow position, you […]

As a business owner, it’s never been more important to have a good grasp on your finances. For many businesses, priorities have changed, customer behaviours have mutated and revenue streams have had to evolve and pivot in order to maintain a profitable business model. To track, monitor and drive your financial performance in this updated […]

Is your cashflow position keeping you awake at night? Don’t worry, we have five simple tips to improve your cashflow management and achieve a positive cash position. 1. Give your accounts receivable a boost Invoice your client as soon as the job is completed, or consider invoicing in instalments once key milestones are reached. Also, […]