Blog March Is Here: Time To Spring Clean Your Finances?

Spring is the season of optimism – the time of year where so many of us get the dusters out and finally do the cleaning we’ve been delaying for months. As a business owner, you should look to spring clean your company as well as your household. There are always tasks/duties that get relegated to the backburner – and this is the perfect time to get them done once and for all.

Here, we’ve listed a few tips on how to conduct an effective spring clean.

Shop around for the best rates

As you spring clean your finances, you’ll spend a lot of time trawling back over old transactions. But it’s also useful to look ahead as well as behind. This is a great opportunity to improve your business’ cash flow by renegotiating rates across the board. Use comparison sites to check to see if you can take advantage of a lower insurance prices, for example. It’s also worth seeing you can strike a new deal with current suppliers, or seeing if there are better, cheaper options out there.

Get rid of anything you’re not using anymore but is still costing you money. Cancel subscriptions you don’t need, sell equipment you don’t use, and cast aside any tools that don’t suit your operations.

Chase up your customers

In every industry, there are always clients who take the longest possible time to make a payment. It’s important to get any owed money into your business bank account as soon as you possibly can to aid cash flow, so use your spring clean to reassess payment policies.

You may need to rewrite contracts and lay out strict payment procedures in your terms and conditions. Whilst you’re in spring cleaning mode, sharpen up your invoices and write payment prompt emails that you can send across when you need to. If you show you’re serious, the client is much less likely to mess you about.

Get your paperwork organised

Even as offices increasingly go paperless, there’s a good chance you’ll still have huge piles of documents sitting somewhere gathering dust. As you spring clean your finances, take a deep breath and sit down to organise all these papers. The sooner you get it done, the better – especially if there are receipts in there that HMRC might want to see.

Once you’ve finished, use this as a lesson to stay organised throughout the year. Label paper trays and put documents in corresponding piles so you don’t have to dedicate hours doing a big sort-out next year.

Book a consultation with an accounting team

As your business grows, the annual spring cleaning task will only get harder and harder. Avoid all the financial frets by getting yourself your very own business accountant. Bright Ideas Accountancy have been helping companies of all sizes stay on top of their taxes and funds for years. All you need to do is get in touch with our team on 0161 669 4221 and we can set up a full consultation – completely free of charge.

Take a positive step this spring and choose Bright Ideas. We can guide your business in the right direction.