22/09/2020 Liquidity – how quickly can your business convert its assets into cash?

One of the key objectives of working capital management is to ensure the liquidity of a business. Basically how quickly can it convert its assets into cash? Areas to consider to improve the working capital cycle of your business are:

· Can supplier terms be extended?

· Stock control, ensure there is enough to meet the expected level of demand but not too much where cash is tied up. Has the current crisis affected lead times?

· Effective credit control, monitor debtors and focus on cash collection.

· Check credit worthiness of customers.

There are clearly a number of challenges facing businesses currently, however there are a number of strategies businesses are adopting to survive these uncertain times and we’re here to help you and your business plan the path to recovery.

Contact one of our experts today to see how we can help you.

Queensgate helping make business more manageable, profitable and enjoyable.

15/09/2020 Do you have any skeletons on your balance sheet?

There is such a focus from owner managers on the income statement of the business that all too often the balance sheet is neglected.

The balance sheet is a statement of a company’s assets, liabilities and capital at a specific point in time and the accuracy of it ensures owners have a clear view of their financial position.

Balance sheet account reconciliations should be carried out at the end of a period, usually either monthly, quarterly or annually, both to the books and records of the company and to external third party evidence to make sure they are correct. If the balance sheet is not correct, it could result in management making decisions based on incorrect information which could result in a financial loss.

Performing monthly balance sheet reconciliations can help identify problems such as incorrect accounting or fraud and is crucial to understanding and evaluating the financial position of your business.

Should you require any assistance, please do not hesitate to contact one of our advisors for a free consultation on enquiries@queensgatem.co.uk or call 07917 373432.

Queensgate Management helping make business more manageable, profitable and enjoyable.

03/09/2020 COVID-19: Scenarios Forecast Key To Business Success

Are you a business still struggling with the impact of COVID-19 then we can help you forecast various scenarios to see whether a CBILS loan or Bounceback loan may help.

The CBILS scheme is for loans > £50k and is due to close at the end of September 2020.

The Bounceback scheme is for loans < £50k by end of October 2020.

Why not book a free consultation with one of our advisors today -email enquiries@queensgatem.co.uk or call 07917 373432 and talk to one of our experienced advisors.

Queensgate Management helping make business more manageable, profitable and enjoyable.

29/08/2020 The Importance of Accurate Management Information

What does your management information tell you?

Management information (MI) is important in any business as it provides accurate real time information which allows you to assess performance against benchmarks and specific KPI’s.

Effective MI will help analyse trends and provide the data to help make informed decisions. For example it will allow you to monitor sales volumes which will help to plan staffing
levels more efficiently and manage stock holdings to meet expected demand.

MI gives you greater control over your business. It allows you to compare performance with the same trading period in previous years and against budget highlighting any potential
issues. Costs can be reviewed in detail and issues dealt with proactively rather than reactively.

Non-financial key performance indicators can be as important for example customer satisfaction and they should form part of the MI pack.

This is a broad overview of the effectiveness of MI and how it supports the achievement of a company’s financial
management objectives. Please get in touch on enquiries@queensgatem.co.uk
or call us on 07917 373432 to find out how we can help further.

Queensgate helping make business more manageable, profitable and enjoyable.

23/08/2020 Streamlining accounting processes saves time/ money and reduces the risk of human error

Streamlining refers to the improvement of the efficiency of a certain process. It can be done either by automation, simplification of tasks, or elimination of unnecessary steps using new methodologies or technology.

This enables finance teams to concentrate on strategic financial information and recommendations that can support a business reach its full potential.

A recent Queensgate client assignments resulted in their business streamlining the process between their bespoke sales/production software and accounts software. This has resulted in freeing up almost 2 days work per month for one of the Accounts Team.

If you would like us to review your current systems to see how these may be improved please contact us on enquiries@queensgatem.co.uk or call us on 07917 373432.

Queensgate helping make business more manageable, profitable and enjoyable.

21/07/2020 The Importance of Credit Control for Business Health

Credit control is vital to every business as overdue invoices ultimately affect cash flow and performance. With cash flow issues and bad debts being the number one reason small businesses fail it is important that your business has robust credit control processes and procedures in place. Does your business suffer from any of the following?

☑ Late paying customers/overdue debts?
☑ Having to write debts off?
☑ Lack of time and resources to chase debts?

Effective credit control will get you paid faster, improve your cash flow and allow you to focus on what you enjoy most – working with your customers and providing them with the goods and services you are passionate about.

If you need support establishing credit control procedures to reduce the level of overdue and bad debts then contact us for a free consultation on enquiries@queensgatem.co.uk or call us on 07917 373432 and talk to one of our experienced advisors. We are here to help.

17/07/2020 REMINDER: Firms Urged to Reinstate VAT Direct Debits

If you are a UK business and have taken the option to defer your VAT payment, you must remember to reinstate your direct debit to pay your next VAT bill on time in order to avoid incurring a fine. The VAT payments deferral scheme ended on 30 June 2020.

☑ Re-establish your cancelled direct debits as soon as possible and in enough time for HMRC to take VAT payments.
☑ Submit your VAT returns are submitted as normal going forward.
☑ Pay the VAT in full on any payments due after 30 June 2020.

Our financial experts will keep you up to date with the latest financial news and Government guidelines. Sign up to our newsletter – https://bit.ly/2NS819q.

Queensgate Management – helping your business thrive through a changing world.

13/07/2020 Registrations open for Eat Out to Help Out Scheme

Chancellor Rishi Sunak announced the scheme as part of his Summer Budget Statement on 8 July, to encourage diners to eat out of home during the month of August. It can be used all day, every Monday, Tuesday and Wednesday from 3 August to 31 August 2020 to offer a 50% discount to diners, for up to a maximum of £10 per person (adult and child).

Registrations open today. To find out how to register your establishment visit https://bit.ly/3eoOSaj.

Queensgate Management – helping your business thrive through a changing world.

07/07/2020 Forecasting is key to business success now more than ever

The speed and economic impact coronavirus (COVID-19) has had on businesses has brought to light the importance of having robust financial stress testing and forecasting in place. It is important for business owners to understand their position and keep doing so, to assist with planning and management. A well-constructed forward looking forecast will help with decision making and assist with any difficult situations.

Once this forward looking approach has been developed, it is important to ensure it is agile to account for the continually changing circumstances around coronavirus (COVID-19). This will help management think about actions to mitigate shortfalls and pinch points with cash flow.

The importance of planning and forecasting based on different scenarios won’t allow you to see into the future but it will increase the resilience of your plans during these uncertain times.

Our experts at Queensgate Management have been supporting East Midlands businesses for more than 10 years. If your business needs help with financial forecasting please contact us on 07917 373432 or email enquiries@queensgatem.co.uk for a free consultation.

08/07/2020 Rishi Sunak Summer Budget Statement update

Key points for you to be aware of from the Chancellor’s speech this lunchtime:

1. Job retention bonus scheme for employers bringing back furloughed staff from 1st November. £1,000 bonus for each of these returning from furlough employees still employed in January (minimum wage requirement)

2. Kickstart scheme for new roles created by employers for 16-24 years old – with the Government paying salary and associated overheads for 6 months (working for min 25 hours/week and on NMW)

3. £2 billion funding for Green Homes grant for all homeowners and landlords to access to improve the energy efficiency and insulation of properties – up to £5,000 voucher available per property

4. Boosting the housing market by immediately reducing stamp duty to 0% on house purchases up to £500,000 until 31/3/21

5. Hospitality and tourism businesses to receive 6 months VAT rate reduction from 20% to 5% until 12/1/21

6. Restaurants/cafes and pubs “eat out to help out” discount scheme to receive up to £10/head for diners eating with them Monday to Wednesday for the month of August.

Positive steps towards boosting the UK economy and the protection and creation of jobs across all industries.