Turning a profit is a top priority for any business owner. To generate the best margins, it’s vital to monitor the money that’s going out of the business, as well as coming in.
So, how can your PennyBooks help with this?
Gone are the days when your accountant only kept the books, compiled your accounts and filed your tax return. We are now even more interested in helping you with your financial performance, your business strategy and offering flexible value-add services to help you better manage your finances.
If you partner with PennyBooks, we can actually save you money – in both the short, medium and long-term. Great news for the growth of your business!
Key ways PennyBooks can enhance your financial health
The less expenditure you have as a company, the bigger your profit margin. It sounds incredibly simple – the smaller your costs, the larger your profit.
But if you’re not fully in control of your financial management, it’s very difficult to know WHERE you’re spending money, and WHY you’re not achieving your profit targets.
This is where PennyBooks put you back in the driving seat of your finances – which has never been more needed than in the current economic climate.
So, what specific things can we do and what will the impact be on the future of your business?
- Tax advice and planning – tax costs can be a businesses biggest outgoings, so our focus is on getting your tax planning under control, applying for relevant tax incentives and ensuring you minimize taxes on your profits. By paying only what you’re legally required to pay – and making use of any reliefs – PennyBooks can significantly cut your tax spend in the business. We can help you understand what expenses you can claim and assist to reduce your tax bill.
See more: Claiming Home Office Expenses, Offsetting Pension Contributions
- Cashflow management and advice – Without a balanced cashflow, you’ll never have the liquid cash to pay your bills, cover your payroll costs or cover your operational expenses. PennyBooks will show you where money is going out, and coming in, so you achieve the ideal positive cashflow position.
- Cost control and spend management – to improve your cashflow, you need to reduce your cash outflows. The best way to achieve this is by focusing on cost control and spend management, expenditure reduction, removing unnecessary costs and negotiating better deals with your suppliers. The lower your cost, the better your cashflow will be and the easier it is to thrive, grow and become more profitable.
- Forecasting and financial modelling – once we understand the key financial drivers in your business, we can build you a full financial model. This allows us to change the variables, run different scenarios and forecast the various future paths of your business. Projecting these numbers forward gives you a clearer view of the path ahead, which is vital in these economically challenging times.
- Better management reporting and information – your decision-making relies on the information you have available to you. PennyBooks provides detailed management accounts, breakdowns of key metrics and forecasts of your cashflow, spending, aged debt and revenue – this helps you to save money, make sound decisions and keep the revenues flowing. We will help you plan it all, from start to finish.
Talk to PennyBooks about cutting costs and boosting profit
Rather than running your business on a wing and prayer, work with PennyBooks and get a clearer picture on your business financials. We’ll help you cut unnecessary costs, optimise the most profitable parts of the business and increase your overall return on investment.