Now is the critical time for businesses to make a cash flow plan. You need to be clear on how the current crisis will affect your cash position, so you can be ready to act accordingly. We're here to help you with that - we want you to be in control of your cash flow, not the other way around.
The benefits of a cash flow forecast are:
You will be able to see how much cash runway you have, and when you will need to look for additional funding
You will be able to use the forecast when you approach lenders for loans
You will be able to make a base forecast, and then various scenario plans on top of that.
These are uncertain times so this is an easy way to map out potential futures.
We are offering a free, one-hour set up session on our cash flow forecasting software, Float, with our cash flow specialist Patrick Leavy. Access to this software is free until June, so you can get your plan together and tweak it over the course of the two months before having to decide if you continue with a paid subscription. This means that you will be able to generate all the cash flow forecast reports you need when approaching lenders for loans.
Asking HMRC for time to pay PAYE bills: the ICAEW recommend that before phoning HMRC it is advisable to have a cash flow forecast and an up to date balance sheet available. HMRC will expect the taxpayer to make the best offer they can and will not usually make suggestions about the amount it will accept as a regular payment.