Managing your Business Finances
Whilst an Interim Manager is on assignment it is often easy to fall into a routine of complacency with regards to your own financial arrangements. This article offers some useful advice and tips on how to manage your business finances.
First of all, if you not already done so we would encourage you to engage a professional accountancy company, small enough to give you a personal service but large enough to be able offer you a broad bandwidth of advice and services regarding preparing Management Accounts, Payroll, IR35, VAT, Tax, Companies House or other financial related topics. Having a good Accountant you can rely on is important as it frees up time for the Interim Manager to focus on the promotional aspects of the business.
In addition, as an Interim Manager you need to give consideration to:-
- Setting time aside each month to itemise general expenses, fuel expenses and compiling details for the VAT return
- Office Running Costs – Computing, Telephone, Mobile, Stationery etc. – have you got a good deal on these items?
- Do you need to run a web-site?
- Do you hold the right level of Professional Indemnity Insurance for the roles you regularly engage in?
- A pension plan – what are you trying to achieve and over what period?
- Do you have an exit plan?
Managing your business finances well will allow you the time to focus on converting leads to assignments.