Don't forget to send your bank manager a post card...and a few other tips to keep the bank happy whilst you're away!
So you are off for a well-earned rest and relaxation on a sunny beach (sounds nice), however your business still requires attention while you are away. Here are some things to consider before you order that holiday cocktail…
Plan ahead - make a note of all bills that are due while you are away, make future dated payments through the bank or make use of standing orders to ensure you do not miss any important bill payments (and thereby incurring penalty payments).
If you have amounts owing from your customers while you are away, make sure you send out statements and agree payment dates in advance of your holiday period. Remember that your customers may also be on holiday and there may be delays in paying invoices. You don’t want to be facing a cash shortfall for the sake of a few phone calls.
Make full use of mobile banking apps or on-line banking. Being in another country doesn’t mean you cannot still access your bank. Set up text banking alerts and make sure you can log into banking apps to keep track of your cash balances. (Check on data charges before you leave)
Having a cloud accounting system means you can log in anywhere anytime, perhaps this is something to consider to keep track of your transactions. To find out more about cloud accounting click here http://www.cmw-bas.co.uk/blog/keeping-records-on-apps-and-the-cloud-2
Do you really trust your staff? While you are away, it is essential to have the employees in place that you can trust to keep your business running as you would wish, therefore you need to be able to completely trust your staff to keep records, access your bank account and talk to your customers in the same way that you would.
This was an extract from the August edition of the YBC newsletter - click below for other tips on delegation, managing staff absence, keeping on top of monies owed and planning for your quiet times...