Alan’s Top 5 Finance Tips

1. Ask yourself “Should my business consider using late payment legislation” in respect of accounts receivable?

2. Ask yourself “Is my business at risk of unbudgeted financial penalties due to late payments from my accounts department?”

3. Always calculate the full cost before giving or receiving any discounts. Ensure that giving discount does not wipe out profit and that the cost of receiving discount is not hiding increased financial risk of suppliers and contractors.

4. Do you have a schedule of standing orders? Consider compiling one and show the end date in line with contract timings so as to avoid paying extra charges.

5. Periodically calculate bank charges and bench mark them against other banks. This will give you an up to date understanding of the best charges available and a good starting point for negotiation with your bank.