Importance of Financial Planning: Key Considerations

Importance of Financial Planning: Key Considerations

While owning a business can be rewarding, there’s no doubt that it can be a stressful experience. It can feel like you are constantly putting out fires everywhere you go. While there are lots of issues beyond your control, financial planning is an area which, thankfully, can be managed.  

However, while financial planning can be handled with less turbulence, it still requires a comprehensive strategy. At Fiander Tovell, we can provide you with all the tips to navigate the intricacies of financial planning to establish an effective plan tailored to your business’s needs.  

In this blog, we break down just some of the guidance from our experienced team to steer clear of a financial crisis.  

Separating personal and business finances  

A common mistake we see is businesses using a single bank account to manage everything. Not only does this cause confusion, but you can also end up in legal trouble. This could leave you (as the owner) personally liable for all your company’s debts and liabilities. We suggest creating a separate bank account and obtaining a distinct credit card solely dedicated to your business. This segregation facilitates streamlined tracking of expenditures, simplifies tax calculations, and ensures the maintenance of transparent financial records. This active management serves as a protective measure for your personal assets against potential business liabilities.  

Tracking your money 

Now that you have separated your finances, you will have an overview of cashflow. Tracking your money becomes much more manageable, which is essential for understanding where your business stands financially and for making informed decisions.  

With Fiander Tovell, we can analyse your cash flow statements to identify trends, patterns, and potential areas for improvement. This analysis provides us with essential data for creating financial plans tailored to your business. Overall, understanding your expected cash inflow and outflow allows you to make decisions surrounding investment, expansion, and other strategic initiatives.  

Establish and Review Budgets 

Budgeting is a cornerstone of financial planning, enabling you to allocate resources effectively and prioritise spending. Take the time to establish realistic budgets for your business, and regularly review them to track performance against targets. This proactive approach will help you identify areas for improvement and adjust as needed to stay on track. 

Manage Accounts Receivable and Payable 

Efficient management of accounts receivable and payable is critical for maintaining a healthy cash flow. Implementing strategies to accelerate receivables, such as offering incentives for early payment, and negotiating favourable payment terms with suppliers can help optimise cash flow. Our team can work with you to develop tailored solutions for managing accounts receivable and payable effectively. 

Planning for the Future 

Successful financial management isn’t just about the present—it’s also about planning for the future. Whether it’s investing in growth opportunities, saving for expansion, or preparing for unforeseen challenges, having a comprehensive financial plan in place is essential. Our experts at Fiander Tovell can assist you in developing a strategic financial plan that aligns with your business goals and sets you up for long-term success. 

By implementing our tips for better financial management and planning, you can take better control of your business’s finances. At Fiander Tovell, we’re committed to helping business owners like you achieve their financial goals. Our team is here to support you every step of the way. 

If you would like to enquire about our services or would like more information, please contact our Commercial Client Director, Fabrice Legris, at 

Financial Check-ups: How we can improve your businesses’ health

Financial Check-ups: How we can improve your businesses’ health

Running a business is like nurturing a child; it requires constant attention, care, and vigilance to ensure its growth and well-being. Just as a parent takes their children for regular check-ups, a business owner should diligently tend to the financial health of their venture. Neglecting such issues is like turning a blind eye to a child’s needs – leading to unforeseen consequences.  

At Fiander Tovell, we act as the doctors for your business. We provide comprehensive financial check-ups tailored to your unique needs. Our analysis and strategic insights serve as the ‘apple a day’, ensuring your business sustains financial heath and keeping you on an upward trajectory!  

So, how is that important? Let’s delve into some of the key benefits of conducting regular financial health checks for your business! 

Importance of Regular Financial Check-ups  

It’s fairly easy as a business owner to neglect your finances while you focus on core operations. However, check-ups are crucial to sustain success and keep your business alive. If left unattended, your business could experience cash flow issues, tax penalties, and in the worst case – bankruptcy. With our accountancy services, we can help you stay on top of your finances and catch any issues early before they develop into serious problems.  

By conducting financial check-ups, you can:  

  • Keep a keen eye on cash flow, adjusting as you go 
  • Find opportunities, increase revenue, or trim expenses  
  • Keep ahead of tax obligations  
  • Identify areas to streamline operations and improve efficiency 

Our Services  

As part of our service, we can provide tailored reports that allow you to plan and forecast effectively, understanding the financial status of your business. The more information we get from you, the more we help you achieve your financial goals. 

Here’s how we conduct your financial check-ups:  

Organising/reviewing financial documents 

We gather all financial documents – this includes bank statements, credit card statements, invoices, receipts, tax returns etc. Each of these transactions are transferred seamlessly to our bookkeeping services, which provide a clear and accurate snapshot of your business’ financial health. This helps us monitor your overall cash flow, enabling us identify areas of savings or increase revenue. Additionally, this can show whether you have enough liquidity to cover expenses and manage any unexpected downturns in revenue.  

Tax planning and compliance  

Staying compliant with tax laws and regulations is critical for avoiding penalties and maximising tax efficiency. We provide proactive tax planning services, helping you to optimise your tax strategy, take advantage of available deductions and credits, and ensure timely and accurate filing of tax returns. 

Financial forecasting and planning 

Using your management accounts, we assist you in developing comprehensive financial forecasts and strategic plans aligned with your business objectives. Whether you are looking to expand, secure financing, or prepare for unforeseen challenges, our forward-looking approach helps you navigate with confidence.  

At Fiander Tovell, we are committed to helping businesses thrive by providing financial check-up services tailored to your unique needs and goals. With our expertise and dedication, you can trust us to safeguard the financial health of your business and pave the way for long-term success.  

If you require any further advice, or would like to enquire about our services, please do not hesitate to get in contact with our Commercial Client Director, Fabrice Legris at