By Siobhan Mail, Director and pensions expert at Seer Green Financial Planning

Keeping a tight rein on the finances is key to the health and wellbeing of any business. But that’s not always so easy to do when there are so many other vital issues to juggle – fulfilling orders, building business development and staffing problems can so easily take a business owner’s mind off day-to-day money matters.

Which is why an annual financial review is crucial to ensure a business is not only not spending more than it should do – but that whatever money reserves it may have are being made to work as hard as they can.

Sitting down to run through the annual business spend can help any business to save hard-earned cash, reduce its Corporation Tax bill, ensure it is adequately protected and that all policies and actions are continuing to meet the needs of the business.

One of the priorities of any financial review is to look at the commercial insurances currently in place. Are they still appropriate to the business and, most importantly, are they at their most competitive cost?

A comprehensive review of current employee benefits can also prove to be rewarding for both employee and employer alike. Introducing a salary exchange scheme, for example, can deliver tax savings for both employer and employee, as well as boosting an employee’s pension pot.

And as the economy slowly starts to recover and grow, it’s important to ensure that future pay increases and other financial rewards for directors and employees are provided in the most tax efficient manner possible.

Cashflow is the life-blood of every business and making sure that can be maintained in the most cost-efficient way is another important ingredient of an annual financial review – together with sweating those savings to get them working to the greatest benefit.

A healthcheck on a company’s pension scheme can also identify areas of greater financial efficiency as well as putting plans in place to ensure business is fully prepared for the introduction of pension auto-enrolment later this year.

Gwent-based leading corporate pensions, business protection and financial planning specialists Seer Green. Contact Siobhan Mail, Director, on Newport 01633 816522; email

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