Tips On Managing Your Cashflow After Brexit

No doubt you will be growing tired of hearing about Brexit like the rest of us but it would be wrong to ignore some of the potential implications for your business and cash flow in particular.

Some of the consequences of Brexit are already being felt as some business costs have increased. With the pound losing its value against other currencies and inflation looming large on the horizon SMEs will need to watch their cash flow carefully to ensure that their businesses maintain profit margins.

Depending on the size of an organisation, flexibility in recognising any problems which may be a direct or indirect consequence of Brexit will be key to avoiding cash flow issues. Investment in software and the refinement of processes will ensure that businesses will be more robust and better able to cope with economic downturns.

Investment in accountancy software will also help with cash flow by speeding up and automating the process of collecting payments.

One thing you may hear a lot about on the news is Brexit planning. The government appears to be planning behind the scenes and the Bank of England worked on contingency plans for months prior to the vote.

SMEs too can benefit from planning and making sure those plans are realistic with analysis and follow up of business performance will lead to a greater chance of survival in the long term.