Bookkeeping Bites – Bounce Back, Are you Ready?

Are you prepared for the ‘Bounce Back’?

Yep, you’ve got it, another bit of Corona Virus financial terminology for us to get used to 🙈

Bounce Back? Well, its the new term for a 100% Big G backed, up to £50k, initially interest free, ‘don’t-really-have-to-prove-that-much-if-you-don’t-want-to’ loan…

Sound good? Yes, we suspect it WILL sound positively warm and balmy in the midst of all of these storms…

However, are you really ready for it?

Consider what is needed for any business to access any other loan….. Do you really want to disregard these ‘safe checks’ just to be able to grab that dosh?

For instance – CASH FLOW… We really can’t see the banks involved not wanting some sort of simple viability information such as basic cash flow forecast before they lend out….

I mean, they are hardly downhill-mountain-biking-Becher’s-Brook-Grand-National-racing risk adverse little fellas are they?

At the very least, for YOUR own peace of mind, as much as the banks, you should have cash flow forecasting in place that is:

👉 MEANINGFUL – based on actual income and expenditure, based on actual payment patterns

👉 ACCURATE – and we mean that the virtual moths don’t fly out when you open up the file… Get it UP TO DATE and showing a relevant FUTURE PERIOD

👉 RELIABLE – no point it showing cash flow that is out of cloud cuckoo land… Who will believe you then?

If you need help with this, then watch out for an exciting announcement from us THIS FRIDAY…..

WE might just have what YOU need to play squarely and fairly, kicking a major win with your BOUNCE BACK.

For more information on the bounce back loans, check out yesterday’s announcement from Big G here:

Stay safe people, stay home, save lives 🤩🤩🤩