Five Quick Financial Checks Every Business Owner Should Make Before March
By the time February comes to an end, the year is already gaining momentum. March often brings increased activity, year-end planning and a busier diary — which makes now the ideal time to pause and sense-check your financial position.
A short review doesn’t need to be time-consuming, but it can highlight small issues early and give you greater confidence for the months ahead.
Here are five quick financial checks every business owner should make before March.
1. Your Cash Position
Cashflow is the foundation of every business. Even profitable businesses can experience pressure if cash timing isn’t managed carefully.
Ask yourself:
Do you know your current cash balance and expected position over the next 4–8 weeks?
Are any large payments due (VAT, tax, suppliers, loan repayments)?
Are customers paying within agreed terms?
Having a short-term cash view helps avoid unnecessary stress and allows you to plan ahead rather than react.
2. Debtors and Creditors
Outstanding invoices and supplier balances can quickly build up if they’re not reviewed regularly.
Before March, it’s worth checking:
Which customer invoices are overdue?
Are any long-outstanding balances unlikely to be collected?
Are you taking full advantage of agreed supplier payment terms?
Improving debtor control is often one of the quickest ways to strengthen cashflow.
3. Director Loan Accounts
Director loan accounts can easily move into an overdrawn position without regular monitoring.
If this happens, there may be:
additional tax charges
benefit-in-kind implications
unexpected corporation tax consequences
A quick review now helps avoid surprises later in the year.
4. Upcoming VAT Liabilities
VAT can catch businesses off guard if it hasn’t been factored into cash planning.
Before March:
confirm when your next VAT return is due
estimate the likely payment amount
ensure sufficient funds are set aside
Treating VAT as money held on behalf of HMRC — rather than working capital — can make a significant difference.
5. Profit vs Forecast
Finally, take a moment to compare how the year has started against your expectations.
Consider:
Is turnover in line with your forecast?
Are costs higher than planned?
Are margins where you expected them to be?
Even a simple comparison after the first two months of the year can highlight trends early and allow for small adjustments.
Why These Checks Matter
None of these areas require a detailed analysis, but together they provide a clear picture of your financial health.
Taking an hour to review them before March can help you:
avoid cash surprises
stay ahead of tax and compliance obligations
make better short-term decisions
move into the next phase of the year with confidence
How Exchange Accountants Can Help
At Exchange Accountants, we work with clients throughout the year — not just at year end — to keep their financial position clear and up to date.
Using digital tools and regular reviews, we help businesses:
monitor cashflow and working capital
understand tax and VAT liabilities in advance
keep director accounts under control
compare performance against forecasts
Because when you understand your numbers, you’re in a stronger position to run your business.
If you’d like support reviewing your financial position before March, our team would be happy to help.
📞 028 9263 4135
📧 info@exchangeaccountants.com
🌐 www.exchangeaccountants.com
Let’s Grow Together.
