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Thursday, 30 September 2010

Firms better at managing cashflow

Begbies Traynor have weathered the recession more than most. Initially they benefitted from the increase in insolvencies following the credit crunch in 2009. However, this year many firms have avoided insolvency as a result of a number of factors. There has been less creditor pressure than anticipated, more support from HMRC time to pay scheme, and low interest rates. Consequently, Begbies Traynor have announced that insolvency activity is down and their shares fell yesterday by 7.7%


But lets give credit where it is due. Many firms are now much better at managing cashflow than they were in the last recession. Reasons below;

Better IT systems and reporting.
Cashflow is now a higher priority for senior management.
Employees have been embracing part-time working and wage cuts!

However, if you need to manage cashflow more effectively then you should think about a daily cashflow system. We have some spreadsheets that can help. Alternatively you could utilise the services of a good book keeping service like

The local bookkeeper
The FD centre
Insight Associates

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Many thanks for your comments. If you have a private business problem and you want advice give us a call on 0800 9700 539 or email me at keiths@companyrescue.co.uk. If you are a professional advisor with a troubled client, please suggest they visit www.companyrescue.co.uk or contact me as above.

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