On Friday 29th May, the Chancellor, Rishi Sunak, announced more details about the extension to the Coronavirus Job Retention Scheme (CJRS).

Here is a summary of the three major updates you need to know about:

1.  As of August, you must contribute to furloughed employees’ wage costs. The level of contribution will increase each month until the scheme closes in October.

2.  The current furlough scheme will close to new entrants on the 30th of June. If you want to put any new employees on furlough, you must do so by the 10th of June.

3.  A new flexible furlough scheme will launch from the 1st of July. You can bring furloughed employees back on part-time hours and claim for the time your employees are not at work, to a set limit.

At the risk of repeating ourselves, cashflow is king for every small business.

You can have the best business idea in the world, but without sufficient incomings to meet your expenditure, you’ll never have the money available to make your business grow.

Whether your business is flush with cash or struggling to make ends meet, a 13-week cashflow forecast is just about the most important financial tool at your disposal.