Grab a rum punch (or a cup of tea) and settle down to do some financial fixing in your business.
If you find yourself stopping your work to pay bills and check statements, mid-week, mid-night,
anytime something financial lands on your desk - or worst still never looking at your paperwork at
all until tax time or the cash runs dry, this tip may help: By dedicating a time slot every week to
play with your numbers, you will gradually tone your biz finances into shape. It can be relaxing as
this step by step method stops overwhelm (yes really!).
Personally, I put all financial paperwork into a beautiful Finance and Business (FAB) box on my
desk and leave it until Friday and tell everyone that I'll deal with it on Friday when I do my
financials. Hence, Finance and Business (FAB) Fridays was born.
Below is my FAB Friday checklist, let me know if it helps.
F.A.B. FRIDAYS CHECKLIST
- Organise your paper receipts, snap/scan and share with Bookkeeper/Accountant (BKK/ACC) *
- File digital receipts in a folder on your PC – Share with BK/ACC*
- Open and snap finance related mail and file – Share with BK/ACC*
- Check for unpaid invoices
- Send invoice reminders/statements from your accounting software
- Pay your bills
- Update your budget
- Compare your budget to your actuals
- Go through your personal expenses and check for accidental business expenses and vice versa
- Log your mileage
- Run a Profit and Loss Report
- Update your 13 week rolling cash flow forecast and check for lean or negative months, if so, contact your BKK/ACC asap!
Don’t be surprised if you can’t find the time to do your Financial Management because nothing
gets done unless it is scheduled, you must make the time. This will probably take 1-2 hours a
week to do, not a lot of time to make sure that your business is financially strong and that you
know where you stand and there are no nasty surprises.
Any Questions? Email Ally@businessbright.co.uk