We know that  the current economic climate is not helping your business. Customers are cautious, taxes are rising, obtaining finance is challenging, and some fear the economy might further deteriorate.   We’ve experienced previous recessions,  and know how to safeguard the short-term, and prepare for the upturn.

So children’s nursuries, caravan parks,  distributors,  driving centers, estate agents, hauliers,  hairdressers,  farmers, florists,  food manufacturers, taxi firms,  go to  Paul A. Hill & Co,  Chartered Accountants. We’re their friendly co-pilot.  We’re their sounding board, as we’re seeing what’s working, and what isn’t.  Perhaps before we meet,  we could offer some general advice:

Manage your cash-flow better than your competitors

If your cash-flow is positive, i.e, more cash flows in each month than flows out, then you are in a strong position.  Some clients have us prepare accurate and complete monthly accounts.  These accounts enable them to better manage their cash, by reducing work in progress, stocks and debtors.  For instance, in our experience, customers first pay suppliers with the most professional cash-collection procedures.  With our monthly accounts, managers can quickly identify trends, issues, and opportunities. A few customers have us regular review their business to identify risks,  their systems to identify deficiencies, and their accounts to identify profitable opportunities.

Plan payments of your tax liabilities

Often it’s a tax demand from HMRC that finally tips a company into bankruptcy.  With Paul A. Hill & Co, you’ll know what tax is due on which date. In addition, there are many reliefs available, and we have the expertise to plan efficient tax strategies for yourselft and your company, so that you can extract the greatest amount of cash for your efforts.  In addition, we can advise you how to operate your business so that you enjoy the most time to pay.

If asked, we’ll  generate cash-flow forecasts for your business.  Much sooner, you’ll know whether or not you are ahead or behind your plan, and make better management decisions to generate a healthier cash-flow.

Minimise other liabilities

Some of our clients use us to help them plan for the worst case. Much can be done to protect your business if all goes wrong. For instance, one client’s shareholding structure meant that the founders were liable for £100,000 if their business folded. We recommended some relatively simple changes that reduced their potential liabilities.

Outsource, where it  makes sense

It can make sense to outsource activities that however well you execute them, won’t make much difference to the success or failure of your business. Sometimes, for instance outsourcing your IT, outsourcing can make sense if you lack the appropriate skills. However, the risk is that competitors who develop those skills might develop a superior service.

In addition, fixed, long-term costs can kill a healthy business during a downturn.  Variable costs allow greater flexible, and greater ability to profitably run your business whatever the sales level.  Our services such as payroll and VAT returns are flexible, as our costs depend on the size of your business.

Get Good Advice.

There is a wealth of expertise available in the Cambridge, Huntingdon, and Ely area. We enjoy good relationships with the senior managers at local banks, legal firms and other business services.  We know, if asked, whose service is most appropriate for your current challenges.  We also regularly send our clients our newsletter, and we’ll tell you specifically which changes in legislation effect your business, so together we can plan in advance.