How to find and save money
- How to
- 3 Nov 2022
- 1 min
- Managing and growing
Stagnating turnover and increasing costs are taking a toll on the cash flow of a lot of businesses. Many entrepreneurs want more financial breathing space. Does this sound familiar and could you use extra financial options? Learn more about ways to get extra liquidity.
Find out where money is in your company and how you can better control your financial situation. Learn where you can get support and what you can do yourself to get out of a difficult situation.
Get insight into your money matters
Looking closely at your finances can be confronting if your company is having financial difficulties. You can immediately see where the problems are. For example, rising costs, customers who pay late, or too few assignments that generate money. Take a closer look at your current financial plan, or take stock of how you can improve your company's cash flow with the resources you have at your disposal.
6 tips to increase your financial insight
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Reinforce cash inflow
You can reclaim the VAT on bad debts. You also have many benefits and deductions in the Netherlands that offer you financial support. Find out what you are entitled to (in Dutch) and where you can apply for it. If you meet the conditions, you can access municipal resources for residents with a low income. On Berekenuwrecht Plus (in Dutch), you can see what is available in your municipality. Finally, you may be able to make use of the Bbz benefit for the self-employed.
Reduce cash outflow
In addition to alternative or additional sources of income, you have options to cut expenses. You may be privately entitled to a remission of municipal taxes that are not related to your company. See if your municipality offers this option. The Small Business Scheme (KOR) may also be of interest to you.
Do you have a provisional tax assessment? And do you expect a lower profit than in previous years? Then request a reduction (in Dutch) of your provisional assessment. Entrepreneurs with a bv can also amend a provisional corporation tax assessment.
Make the most of available resources within the company by exchanging business services, barter deals, or the bootstrapping method.
Consider all the tax deductions (in Dutch) that you can use with your annual income tax or corporate tax return. Finally, there are peripheral matters that can make a difference. Save on your groceries, cut unnecessary small expenses, and stop your subscriptions. Or switch to a cheaper energy supplier, insurer, or telecom provider.
Take advantage of payment terms
You can also get some financial relief by postponing payments until a later date. Use the full payment term for incoming invoices from suppliers.