How to make an overview
- Open all your mail.
- Update your financial records and make them complete. Do this with the help of an accountant or bookkeeper, if possible.
- Make a list of your financial obligations. For instance, a business loan from a bank, an overdraft in your current account, loans from family or friends, and suppliers' credit.
- Make a list of your repayment obligations plus their expiration dates.
- Chart the taxes you have to pay (VAT, income tax, corporate income tax, and wage taxes).
- Make a list of all your contracts (for example: business premises, car lease, or a copying machine contract) plus the related financial obligations.
- Chart your corona repayment obligations. List the support schemes you have received money from, whether or not you have to repay, and when.
- Chart your private debts. This can be relevant if your business is an 'eenmanszaak' (sole proprietorship), a vof (general partnership), a 'maatschap' (professional partnership), or a cv (limited partnership).
- Estimate your turnover for the rest of the year.
You have made an overview of your finances. You know who you have to pay and how much (your obligations), and how much income you can expect and from whom.
Next, plot this in the calendar: when do you have to make which payments? And when will you receive money, and from whom? Make an overview and a planning. This is called a liquidity budget.
The liquidity budget enables you to keep track of the money in your business. You budget an entire year, for example per month. Start with the current balance in your bank account. List the income and expenses. The end balance of month 1 is the start balance for month 2. This helps you see in which month your income is lowest, so you can avoid debts. For example, by deferring an expense or taking out an additional loan.
Find out what the options are for solving your debts in step 3.