We have financial forecasts/projections for all aspects of the business which are clearly understood. There is clear information about how the organisations finances are managed and we are aware of our credit rating. We maintain a recording system identifying and verifying all income streams relating to our products and service.
Payroll is managed to legislative standards, ensuring HMRC guidance has been followed. Month-end and year-end procedures are run within deadlines and we comply with all HMRC guidance including the Income Tax (Earnings and Pensions) Act 2003 (ITEPA).
Financial resources and liabilities are managed and controlled through audited or certified annual accounts. These processes ensure the use of financial resources to support the plan for the business. Financial plans are reviewed regularly to ensure relevance and viability and include areas for cost savings.
An organisation chart has been established which identifies how we are set up to achieve our objectives, with corresponding purchasing authority that identify the levels of financial responsibility for the business. We have in place sufficient insurance for the activities we undertake as a business.
We are aware of and understand developments in the market place in which we operate. We understand and gather information about the markets we currently operate in and about markets we wish to enter into in the future.
We regularly review performance against key financial indicators critical to the business. This includes cash flow, profit and turnover and credit score.