Andrew Grantham

How can a haulier boost its cashflow for the upcoming Christmas?

The UK logistics industry is very important to the UK economy, being worth more than £75 billion, employing over 2 million people and is currently one of only a handful of sectors actually growing at present.

Despite this positive outlook, many haulage companies face major cashflow problems with the high price of fuel customers taking longer and longer to pay. Driver wages, HP commitments and vehicle repair bills can also stifle cashflow and the upfront cost of the upcoming Christmas period doesn't help matters at all.

Halloween is round the corner, but don’t let your overdraft renewal turn into a real nightmare!

There still remains a good deal of bluster in the media about banks not supporting new lending propositions and businesses not being able to gain access to much needed finance.

Whilst some may argue the banks have now opened their doors for new business once again, the reality for the customer may be somewhat different with the terms now being tightened much more in favor of the bank. This could mean increased pricing and/or increased personal security being required.

The importance of management accounts

The objective of management accounts is simply to provide small business owners with key financial and statistical information in a timely manner, which can assist them in making effective day-to-day business decisions.

Management accounts generally consist of a profit & loss account and a balance sheet, which form a management pack: