The Sixth Sense - Accounting Management Taxation

📢 𝐓𝐡𝐞 𝐈𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐜𝐞 𝐨𝐟 𝐊𝐞𝐞𝐩𝐢𝐧𝐠 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐑𝐞𝐜𝐨𝐫𝐝𝐬 𝐟𝐨𝐫 𝐇𝐌𝐑𝐂

HMRC requires businesses to keep accurate financial records for a specified period. Good record-keeping not only supports compliance but also makes future tax returns and audits much easier.

Being organised means spending less time searching for documents when they're needed.

💡 Store invoices, receipts, and financial documents securely throughout the year.
📩 The Sixth Sense can help you maintain HMRC-compliant records.

Are your financial records easy to find when you need them?

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📢 𝐖𝐡𝐲 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐊𝐏𝐈𝐬 𝐌𝐚𝐭𝐭𝐞𝐫

Key Performance Indicators (KPIs) help measure how well your business is performing financially.

Tracking figures such as gross profit margin, net profit, debtor days, and cash flow provides valuable insights into your business performance.

💡 Choose a few key financial KPIs and monitor them every month.
📩 The Sixth Sense can help you identify the right KPIs for your business.

Do you currently track any financial KPIs?

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📢 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐖𝐨𝐫𝐤𝐢𝐧𝐠 𝐂𝐚𝐩𝐢𝐭𝐚𝐥

Working capital is the money your business has available to cover day-to-day operating costs.

A healthy level of working capital helps you pay suppliers, employees, and other expenses without putting pressure on your cash flow.

Monitoring working capital regularly helps maintain financial stability and prepares your business for growth.

💡 Keep an eye on both current assets and current liabilities.
📩 The Sixth Sense can help you assess your working capital position.

Have you heard of working capital before?

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📢 𝐖𝐡𝐲 𝐑𝐞𝐯𝐢𝐞𝐰𝐢𝐧𝐠 𝐒𝐮𝐩𝐩𝐥𝐢𝐞𝐫 𝐂𝐨𝐬𝐭𝐬 𝐂𝐚𝐧 𝐒𝐚𝐯𝐞 𝐌𝐨𝐧𝐞𝐲

Supplier prices often increase gradually over time, and many businesses continue paying without reviewing alternatives.

Regularly reviewing supplier contracts and operating costs can uncover opportunities to negotiate better prices or switch to more cost-effective solutions.

💡 Review your major supplier costs at least once a year.
📩 The Sixth Sense can help identify opportunities to improve your business efficiency.

Have you reviewed your supplier costs this year?

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💡 𝐊𝐧𝐨𝐰 𝐘𝐨𝐮𝐫 𝐌𝐨𝐬𝐭 𝐏𝐫𝐨𝐟𝐢𝐭𝐚𝐛𝐥𝐞 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐬 𝐨𝐫 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬

Not every product or service contributes equally to your profits. Some generate higher margins, while others require more time and resources for a lower return.

Understanding which areas of your business are the most profitable helps you make smarter decisions about pricing, marketing, and future investment.

💡 Review your profit margins by product or service—not just total sales.
📩 The Sixth Sense can help you analyse your business performance.

Do you know which product or service makes you the most profit?

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💡 𝐖𝐡𝐲 𝐁𝐮𝐝𝐠𝐞𝐭 𝐑𝐞𝐯𝐢𝐞𝐰𝐬 𝐒𝐡𝐨𝐮𝐥𝐝𝐧'𝐭 𝐁𝐞 𝐚 𝐎𝐧𝐜𝐞-𝐚-𝐘𝐞𝐚𝐫 𝐓𝐚𝐬𝐤

Many businesses create a budget at the beginning of the year but rarely look at it again. However, market conditions, costs, and customer demand can change quickly.

Reviewing your budget regularly allows you to adjust spending, improve cash flow, and stay focused on your financial goals.

💡 Compare your actual spending against your budget every month.
📩 The Sixth Sense can help you create and monitor a realistic business budget.

Do you review your budget every month?

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💡 𝐖𝐡𝐲 𝐑𝐞𝐜𝐨𝐧𝐜𝐢𝐥𝐢𝐧𝐠 𝐘𝐨𝐮𝐫 𝐁𝐚𝐧𝐤 𝐀𝐜𝐜𝐨𝐮𝐧𝐭 𝐈𝐬 𝐈𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭

Reconciling your bank account means comparing your accounting records with your bank statements to ensure everything matches. It may seem like a small task, but it plays a big role in keeping your finances accurate.

Regular bank reconciliation helps identify duplicate transactions, missed payments, bank errors, or even fraudulent activity before they become bigger problems. It also ensures your financial reports reflect the true position of your business.

💡 Reconcile your bank accounts at least once a month to keep your records accurate.
📩 The Sixth Sense can help you maintain accurate and up-to-date financial records.

Do you reconcile your bank account every month?

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🚨 𝐌𝐚𝐤𝐞 𝐓𝐡𝐢𝐬 𝐘𝐨𝐮𝐫 𝐁𝐞𝐬𝐭 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐘𝐞𝐚𝐫 𝐘𝐞𝐭

The new tax year presents new opportunities to improve organisation, profitability, and financial control.

Small improvements made consistently can lead to significant results over time.

💡 Focus on progress, not perfection.
📩 The Sixth Sense is here to support your success throughout the year.

What's your biggest financial goal for this tax year?

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🚨 𝐓𝐡𝐞 𝐏𝐨𝐰𝐞𝐫 𝐨𝐟 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐀𝐰𝐚𝐫𝐞𝐧𝐞𝐬𝐬

The more you understand your finances, the more confident you can be in your decisions.

Awareness helps identify opportunities and reduce risks.

💡 Spend time understanding the key numbers in your business.
📩 The Sixth Sense can help improve your financial understanding.

How confident are you in your business finances?

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🚨 𝐖𝐡𝐲 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠 𝐁𝐞𝐚𝐭𝐬 𝐆𝐮𝐞𝐬𝐬𝐢𝐧𝐠

Financial decisions based on assumptions can lead to costly mistakes.

Planning using accurate financial information helps businesses make better choices.

💡 Base decisions on facts and data whenever possible.
📩 The Sixth Sense can help provide financial clarity.

Do you plan your finances or rely on estimates?

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