Lisa Moynagh- Bright Vision Accountancy

Lisa Moynagh – Chartered Accountant and Managing Director of Bright Vision Accountancy Supporting business owners, giving them peace of mind, as well as more time and freedom to run their business. Hear Lisa's top tips and guidance regarding finances during COVID-19

Sunday 19 April 2020

Lisa Moynagh – Chartered Accountant and Managing Director of Bright Vision Accountancy

From a young age Lisa always had a passion for business and numbers. In 2010 she became a Chartered Accountant and then spent the subsequent 8 years working in various finance departments.

With this experience Lisa witnessed first-hand the importance an efficient finance function can have in running any successful business as well as the vital role it can play in controlling operations and providing strategic direction to the overall business.

Often business owners can be overwhelmed and struggle to get the best out of their financial information. As a result, while on maternity leave following the birth of her second child, Lisa made the decision to set up Bright Vision Accountancy (“BVA”).

BVA works with SMEs and owner managed businesses to not only ensure compliance, but also to manage their tax liabilities and overall understand their business better through useful management information.

The aim of BVA is to help businesses and business owners by:

Managing the administration of all filing obligations ensuring that compliance is both accurate and timely.
Exploring and maximising tax efficiencies for both the business and its owners through careful tax planning.
Reviewing the operational revenue and costs of a business to assist in understanding trends, profitability, and expense profile.
Preparing or improving business reporting that will allow owners and strategic management to have enhanced visibility over their activities and clear indicators on performance.
Preparing or assisting with goal setting, forecasting, scenario modelling and cash flow projections.

Ultimately the goal of BVA is to support business owners, giving them peace of mind, as well as more time and freedom to run their business.

The COVID-19 global pandemic is having a huge impact on individuals, their businesses and finances. Lisa has therefore provided useful tips to enable you to review what this will mean both now and in the future.

Be clear on where you are and what the reality is. This can be tough but the only way to get control of the situation is to carefully consider where you are now so you can plan on the way forward.
Complete a cash flow forecast and use this to model different scenarios i.e. trading again in 2/3/4 months, adding in all expenses and consider this for the next 12-24 months under the various scenarios. For most, she would recommend doing this for both your business and your household.
Look at options to get money in (government assistance, reworking sales channels) and to defer expenditure (extensions with HMRC, payment holidays on rent, loan).
Use this time to analyse your business performance to date – reflect on your results, look for trends, look at product profitability, what has worked and what is not working.
Prepare a plan for your business when trade starts again. Reflect on what your market segment will look like post COVID-19 – chances are it will be very different from the market you worked with at the start of the year, so it is important to be realistic.
Be clear on what success looks like for you – personally and professionally. How do you want your business to grow, what does financial wealth mean to you? Get a long-term view of what you are working towards.
Get up to date with statutory reporting and tax returns. These will not go away and this may be the time to ensure that everything is in order. The tax year is just over so it is the perfect time to get filings completed

While this is no doubt a difficult time for many, it is important to keep positive and remember that this is also a time to reconnect to what we really want the most. To look after our physical and mental health (that can so often get neglected as business owners) and to spend time with loved ones. At the end of the day this is often what drives our passion for business.

If you would like any more information regarding any of the points raised above please contact lisa@brightvisionaccountancy.com.

Alternatively you can visit: https://brightvisionaccountancy.com/ or follow her on social media: FB @brightvisionaccountancy, Instagram @bright.vision.accountancy

Sunday 19 April 2020