For many directors, September can feel like a fresh start with work and business finances. The summer holidays are over, the inbox is full, and you’re ready to get stuck back into big plans for the last part of the year.
But this time of year also comes with its own set of financial pitfalls and they can catch even experienced directors off guard.
Here are some of the most common money mistakes we see at this time of year (and how to avoid them).
If July and August were quieter months for your business finances, it’s tempting to jump straight back in with big purchases once things pick up again. The danger? Cash flow might not have caught up yet. Always make sure the income is there before committing to new expenses.
September is the perfect time to check what you’ve put aside for Corporation Tax, VAT, or Self Assessment. Too often, directors only think about these in December or January… when it’s too late to adjust.
Not every business gets busier in the autumn. Look back at your previous years’ numbers – are you expecting growth that’s actually unlikely to happen this quarter? Forecasting based on reality will save you from unnecessary overspending.
With the end of the year approaching, it’s easy to push decisions into “next year’s problem.” The truth? Many changes (like restructuring, hiring, or investing in new tools) need action now to have an impact before year-end.
Need help avoiding these pitfalls?
These are exactly the kinds of challenges with business finances that I cover in The Director’s Handbook – your practical guide for directors who want to run their company with more confidence, more profit, and a lot less stress.
Whether you’re looking for accountants in Bedford or further afield, this book will help you take control of your business finances before the next big deadline sneaks up.