Financial Health Checks: What They Are & Why You Need One
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Financial Health Checks: What They Are & Why You Need One
When was the last time you had a good look at your business’s finances? Whether you are a small business owner or sole trader, a financial health check is very important. It is a powerful tool that helps you gain control, improve your business’s performance and make confident decisions.
At BCS Accountants, this month’s blog looks at the importance of financial health checks. For more information, contact us on 01524 824111.
What is a Financial Health Check?
A financial health check is a comprehensive review of your current financial situation. It is designed to help you understand where your money is going and identify any weaknesses. It can include:
- Cash flow analysis
- Budgeting & forecasting
- Debt management
- Tax efficiency
- Investment performance
- Risk exposure and compliance
With a financial health check can help you spot issues early. A review can highlight areas where you are overspending or overcharging, improving profitability. With constantly changing HMRC regulations, a financial health check ensures you are compliant and prepared for audits.
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When Should You Do One?
Financial health checks should be carried out at a minimum of once per year. We recommend a check either at the end of the financial year, or before the self-assessment deadline on the 31st of January.
For growing businesses or those facing financial pressures, a quarterly check may provide better oversight.
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Tools & Support
Many modern accounting software offers features that support financial analysis. However, it is recommended you partner with a qualified accountant. At BCS Accountants, we can offer financial health checks.
Our team can identify inefficiencies, provide tailored advice and deliver a plan to help you improve your financial position. At BCS Accountants, we can help you feel more confident in your financial decisions and future plans.
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Contact BCS Accountants
For accounting advice, contact our team at BCS Accountants. Call us on 01524 824111. Alternatively, send us a message via our contact form and we’ll be in touch.
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Contact BCS Accountants
Address:
BCS Accountants & Tax Consultants
Care of – TRW Accountants
95 King Street
Lancaster, LA1 1RH
Contact Details:
Tel: 01524 824111
Fax: 01524 825327
Email: enquiries@b-c-s.co.uk
