Cashflow Check-In: Get Ahead Before the Year-End Rush
As the leaves turn and the year begins to wind down, many businesses are already looking ahead to Christmas. For retailers and hospitality, this is the busiest time of year, while others may face a quieter period as clients and customers slow down. Either way, October is the ideal moment to take a good look at your finances and make sure your cashflow is in order before the festive season begins.
Why October?
By autumn, you’ve got nine months of trading behind you, a solid picture of how the year has gone so far. There’s still time to make adjustments before year-end, whether that’s chasing outstanding invoices, trimming unnecessary costs, or setting aside reserves for quieter months in the new year. Acting now helps avoid a January panic.
Tidy up invoices
Cashflow problems are often less about lack of sales and more about late payments. October is a good time to review your debtors list and send friendly reminders to anyone who hasn’t yet paid. Putting clear payment terms in place and sticking to them is vital for keeping money moving.
Plan for peaks and troughs
If you’re heading into a busy season, make sure you have the resources to meet demand without overstretching. For quieter industries, think ahead to leaner months and plan accordingly. Building a small buffer now can take pressure off in the new year.
Review subscriptions and expenses
Autumn is a good time to audit outgoings. Cancel unused subscriptions, shop around for better deals on utilities and suppliers, and check if there are tax-deductible expenses you’re not claiming. Small savings add up and strengthen your financial position.
Talk to your Accountant
Finally, don’t wait until December or January to contact your accountant. A quick conversation now could highlight opportunities for tax planning or investment before the year ends.
Cashflow is the lifeblood of every business, and October offers a natural pause to make sure yours is healthy. By taking the time to review, plan and prepare, you’ll enter the festive season, and the new year with confidence and control.
