Managing your cashflow will ensure longevity of your business and revolves around agreeing correct payment terms with your suppliers and customers. After this framework is agreed it is key to monitor the activity in your bank account and take corrective action on an exemptions basis.
Armstrong Watson is able to set up a bank feed with the majority of UK banks, allowing regular review and continuous reconciliation of your bank account, as well as link to your account as a BACS bureau for payment management and Direct debit collections.
These measures will ensure that you have clear insight into your cash, and a solid foundation to assist you with your cash flow forecasts.
The controls framework will ensure that customer & supplier payments flow through the debtor or creditor ledger, allowing payment allocation to be carried out in a way that can be audited, and ensuring that regular reporting and issue resolution can be done, managing stakeholder relationships effectively.
Cash flow forecast
A future focused business has a reliable cash flow forecast as one of their tools in their arsenal, with the ability to feed in scenarios. Knowing what your anticipated cash requirements are will help you make strategic decisions to plan for the future.