Managing Growth

Paradoxically, rapid increases in turnover can sometimes weaken or even destroy a business because its systems break down or because it cannot finance the increased levels of stock, work in progress and debtors which are required.

Adequate working capital and good controls over stock, invoicing, credit to customers and cash collection are among the most important aspects of good financial management in a growing business. Expansion of business activity increases the volume of transactions which have to be recorded.

Tasks such as payroll preparation, bookkeeping and accounts preparation may be better handled outside the business by an outsourced provider such as a chartered accountancy practice.

Eventually, you may wish to employ a chartered accountant full time, although there will still be an occasional need for specialist help from an independent firm. If an audit is required, it cannot be carried out by a Chartered Accountant in your own employ.

To plan a course of action which will ultimately lead to a better life style in my retirement

To work on my business strategy, manage my business for greater profitability and help with my ongoing taxation compliance obligations

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