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    Tag: cash flow

    5 ways to secure your financial future

    Posted on by Georgia Flatley

    When planning your future, it is important to look at ways to secure and take control of your finances. Building a plan allows you to prepare for anything unexpected and help you feel confident about your future.

    There are many ways that you can look at doing this, but our financial planning team provides their top 5.

    1.Take the appropriate level of risk

    It is important to take the appropriate investment risk within financial planning and this is important when trying to build your financial future. Holding money in cash could mean that you are subject to ‘inflation risk’ i.e. the risk of your money not keeping pace with rising prices. A cashflow forecast can highlight how much growth you need to drive sustainability, allowing you to take the appropriate level of investment risk. A financial adviser would ensure that you diversify your portfolio appropriately to help you meet these growth objectives.

    2.Have an emergency fund

    Having an emergency fund is crucial to prepare you for any unexpected events / changes that may happen within your life. Once you initially use the fund it is important to regularly top it up in case something unexpected should happen again. Having this fund in place can provide peace of mind and improve your financial wellbeing.

    3.Cash flow to test goals and objectives

    A cashflow allows you to test your objectives and in turn create a financial plan with your financial adviser, to ensure that you have enough money to fund what you need. By modelling a cashflow forecast, we can make sure that you are on track to have sufficient funds in place to ensure that you can sustain your retirement. We can offer a sense of direction to ensure that you know what is required to reach your retirement goals and consider different scenarios in some ‘what if’ scenarios.

    4.Protect yourself and your money

    Like having an emergency fund, it is important that you take out protection for your money and yourself to prepare yourself for the unexpected. You can protect your income if you are unwell or have an accident, provide a lump sum in the event of serious illness or provide some capital or income for your loved ones in the event of death. Cashflow models can help to determine what levels of cover you need.

    5.Build a retirement plan sooner rather than later

    Although for many, retirement may seem a long time off, the younger you start building your pension pot the sooner you will be able to enjoy the retirement you have dreamed of! You can continually review your retirement plan with your adviser so that you can align it with your goals and objectives, and provide the reassurance that you are on the right track.

    Get in touch

    For further information or advice on how you can plan ahead to secure your financial future, contact a member of our financial planning team today to talk through your personal circumstances by emailing financialplanning@pmm.co.uk or call 01254 679131.

    The information contained within this article is purely for information purposes and does not constitute financial advice.

    How your accountant can support you in growing your business

    Posted on by Laura Boyd

    Growing a business is an exciting time, but it can also be incredibly demanding. Have you considered speaking to your accountant to understand how they can help with this? You may be surprised to find out just how many opportunities exist and how much assistance is available to help with the growth of your business.

    At PM+M we understand that everyone’s growth plans will be completely unique, however, when we are approached by a business to assist with their growth, we will take them through a number of steps to gain a detailed understanding of their current position. Firstly, reviewing a business’ tax position to identify whether additional reliefs could be claimed is a great place to start. We’d look to minimise any tax liabilities in other ways, perhaps through a VAT health check or restructure of the business if appropriate and beneficial. Any tax savings could then be reinvested into the business, providing a great financial support to your growth strategy.

    When looking at growth options, we’ll often introduce the business to our corporate finance team; they can help with the strategic business planning, obtain funding, complete mergers and acquisitions, and also value the business. Even if you don’t intend to sell or acquire right now, having access to this support can be useful and help you set realistic growth objectives going forward. We also have the expertise of a financial planning team who can help you and your family to effectively plan for the future in a way that suits you, providing advice on pensions, investments, retirement planning and lifetime cashflow planning.

    Every day, businesses can face various financial risks, from economic downturns to unexpected expenses, security threats, and more. We can help you develop risk management strategies and contingency plans to safeguard the financial stability of your business and ensure you are able to reach your long-term objectives.

    Ultimately, we are here to provide peace of mind, knowing your finances are in good hands means you can free up time to focus on other areas of your businesses, support your team, focus on personal projects, or even go on holiday without missing any vital deadlines! We can also provide an “outsider’s” perspective on your business, often helping you to see the bigger picture which in turn will have a positive impact on your financial planning and progress towards your ultimate goals.

    Finally, our team can do a full business review and help with accounting matters such as identifying any bad debts, monitoring cash flow and addressing any financial issues which may be present. By having a clear and detailed picture of your business’ cash position, which we can easily identify for you using cloud accounting software, you can realistically forecast and look towards the future of your business.

    At PM+M, we support clients with all of the above and much more. If you are considering growing your business, we would be delighted to help – please get in touch for a more detailed and confidential discussion.