Michael Blaken from Optimum Professional Services shares his tips for 2023

Michael Blaken, Accounts Director at Optimum Professional Services shares his tips for businesses in 2023.

Optimum offers accountancy and legal services, under one roof. The accountancy team help with business and personal tax planning, accounts and audit, Making Tax Digital, payroll and bookkeeping. The legal team deal in property law and wills.

Undoubtedly the next 12 months will be difficult for businesses and individuals, but there will be opportunities available.

Those businesses which came out of Covid struggling are likely to find the next twelve months tougher than others, because there is not enough fat in the system. Cash reserves may have already been utilised, and now paying the cost of Government backed loans is draining monthly cashflow. But for those who have taken the opportunity to make changes, through restructure or streamlining, there is a much more positive outlook.

Whether you run a business or your household finances, budgeting and forecasting are essential. You need to know what funds are coming in and when, so you can manage your cashflow. Poor payment terms and poor cashflow can stifle a business. Equally, for consumers they need to make sure they keep a handle on spending – spend your money on those service and supplies you need, not those you want, if you have to make the choice.

Visit https://www.optps.co.uk/ for more information on Optimum Professional Services