Press Releases

TWP encourages businesses to keep a closer eye on their finances

With so much economic uncertainty affecting businesses, Surrey accountants TWP is calling on businesses to carefully monitor their financial health each quarter.

While many businesses get an idea of their performance thanks to their year-end accounts and ongoing bookkeeping, TWP feels that more detailed quarterly reporting could help companies to unlock deeper insights about their operations creating new efficiencies and better strategies.

Quarterly reports typically consist of reviewing a business’s balance sheets, income statements, and cash flow statements to give a broader picture of its overall health.

“Many businesses are struggling with late payments, debts, rising prices and challenging trading conditions,” said Paul Hawksley, Managing Director at TWP.  “This means that their financial circumstances are constantly changing throughout the year.

“Given this instability and uncertainty, it is really important that all businesses keep a much closer eye on their financial performance so they can spot risks early and take advantage of new opportunities quickly.”

The firm, which has offices in Cranleigh and Weybridge, has also pointed out that the necessities of the Government’s Making Tax Digital campaigns also require businesses to record and report their VAT affairs quarterly.

These rules, and the software and processes needed to comply with them, will be extended from April 2024 to cover income tax for the self-employed and landlords with income above £10,000 and it, therefore, makes sense to start preparing quarterly reports sooner.

To find out more about TWP’s accounting, tax and business advisory services, please contact us.