The last 12 months have shown businesses at their most resilient and flexible as they have risen to the challenges that have faced the UK.

According to the Office for National Statistics, 45 per cent of businesses have seen a reduction in turnover compared to what would be expected at this time of year, and as a result, it is more important than ever to protect your finances.

Using cash flow consultants can help you see where potential problems could lie in the short and medium-term, as well as ensuring you make the most of your existing revenue sources.

Here are some tips for maintaining your cash flow in 2021.

Automate Where Possible

Typically the biggest issue when it comes to cash flow health is not the big picture decisions or the complicated parts of your finances, but the small everyday processes.

If you can, upgrade your accounting software to a system which automates your cash flow processes to lower the chance of mistakes when managing invoices and expenses.

Newer systems are also able to provide a picture in real-time of your financial situation, allowing you to adapt quickly.

Transparency Is Key

Make sure you have a system for tracking, maintaining and storing receipts which could otherwise get lost, and document all transactions in a way which can be easily referred to later on.

Look Beyond Red And Black

Cash flow is often seen as a matter of simple profit and loss. However, a comprehensive cash flow strategy looks at much more than this, and this is the way to make the most of a good period and mitigate the effects of a bad one.

Look into your staff schedules, or when to set up a sale at the right time, and you will make the most of the assets you already have.