?? Chorus Insights: May 2024

Welcome to the May 2024 edition of our newsletter, Chorus Insights. Every month, we bring you the latest news from the world of accounting and tax.

As we approach the halfway point of 2024, it's a great time to take stock of your financial situation, both personally and for your business. That way you can make informed decisions and adjustments for the remaining months.

Remember, proactive financial planning is key to a successful year – so don't wait until something goes wrong to address any potential issues. Get in touch with us if you need any guidance.

In Chorus Insights this month, we explore smart financial planning for big life changes, share the power of learning from your business mistakes, and offer stress-busting tips to improve your invoicing process.

Financial Planning for Life Changes

Life can be a rollercoaster at times. New jobs, growing families, dream homes – while exciting, these milestones all come with financial considerations.

That’s where financial planning comes in!

A little financial planning can make a big difference in navigating these life changes with confidence. Think of a financial plan as a safety net and a compass rolled into one; it catches you when things get bumpy and guides you towards your long-term goals, even when life throws you a curveball.

In our blog, we're looking at how financial planning can benefit you during big life changes, including:

• Marriage and family
• Career changes
• Buying a home
• Retirement

Read our blog to learn more.

The Most Shocking Mistakes Business Owners Make

As an accountant and business advisor, I've seen everything. After all, running a business is hard work and we've all made mistakes along the way.

Some of the biggest mistakes I've seen business owners make have actually turned into their biggest wins down the line, because ultimately, they learned from those mistakes which allowed them to grow as individuals – and their businesses to flourish!

Watch my video below to see the five most common mistakes I've seen business owners make, and how to avoid them!

Improve Your Invoicing, Reduce Stress!

Late payments can be a real drag, causing stress and disrupting your cash flow. But fear not, there are steps you can take to improve your invoicing process and get paid on time.

Here are some smart invoicing practices to keep your finances healthy:

1. Be Proactive: Don't wait for invoices to be late before reminding a client. Send a friendly email as the due date approaches – a gentle reminder works wonders!
2. Re-send and Remind: If the invoice does become overdue, re-send it and follow up with a reminder. Quick actions can prevent further delays.
3. Pick up the Phone: Opt for a phone call to follow up. Chasing payments by phone often yields the best response. Plus, it adds a personal touch to the reminder!
4. Stringent Measures: If all else fails, take firm steps. Add overdue fees (if that is outlined in your original payment terms), use a statutory demand for a formal request, or temporarily halt orders until invoices are settled.

By following these tips, you can streamline your invoicing process and ensure a steady cash flow. No more late payment headaches for you!

Need guidance or advice? Let’s talk.

Call us on 01202 332500, email [email protected], or click here to visit our website. We’re happy to help!