Freelance: Key dates for managing your company's cash flow well

As your self-employed business intensifies, you will need to closely monitor the financial health of your business. This includes maintaining a balanced cash flow. But between the various payment deadlines, the follow-up of invoices, your professional expenses, not to mention your contributions, it is easy to let yourself be drowned by these flows of money. To ensure optimal follow-up, the accounting management calendar will be your most valuable ally. You will thus have a reliable and recurring reminder of all tax deadlines, declarations and payment deadlines. In this article, discover the key dates that are essential for the good management of your company's cash flow.

Summary

Why set up an accounting calendar?

Key dates for your company's accounting

Why set up an accounting calendar?

In order to monitor the financial health of a company, it is necessary to set up a set of accounting monitoring processes. Good cash management is one of them.

In a nutshell, a company's cash flow represents the cash available in the company. That is to say the money she has to meet her expenses, especially if you are facing a late payment for a mission, to be able to anticipate a professional expense or to have a reserve in order to be paid in trough period, even in the event of a drop in turnover. But cash flow is also necessary in order to meet all of your financial obligations.

If you have just changed legal status for example, it is very likely that you do not know all the declarations to be made, or the various contributions that you are required to pay. On the other hand, without a time frame at which you meet for all of these obligations, you may miss important deadlines. In order to avoid financial penalties, these reminders will certainly be welcome.

Key dates for your company's accounting

To ensure the overall monitoring of your accounting, here is a detailed overview of the main dates that you should plan for in your management. However, be aware that some dates may be added depending on your personal situation (for example: loan repayment dates).

Dates relating to the activity of the company

• Billing dates are the starting point for the payment process. They determine the period during which your client will be required to pay for your service until the end of the mission. It is necessary to follow this date according to a deadline that you agreed upon prior to the collaboration (monthly, quarterly, etc.). This regular billing ensures a constant cash flow and reduces the risk of non-payments.
• The dates for receiving customer payments: in addition to the impact on the amount of your monthly contributions (in particular concerning URSSAF contributions), it is essential to monitor your financial flows in order to ensure that your remuneration is kept up to date. Late payments can lead to a financial imbalance, especially when you have to pay your contributions or compromise your possible investments. In this way, you ensure the continuous availability of liquidity.
  
  

Dates relating to fiscal and social obligations

• Tax filing dates: There are scenarios: to be subject to income tax (IR) or to corporation tax (IS). If your business is subject to income tax, the online filing deadline is either May 25, June 1, or June 8, 2023, depending on your department number. On the other hand, if your business is subject to corporate tax, the due date for your tax return depends on the date of your accounting year. For example, if your accounting year ends on December 31 N, the declaration must be made no later than the 2nd working day following May 1 of the year N+1. Check your personal situation in order to identify the corresponding date.
• Tax payment dates: If your business is subject to corporate tax, you must make tax payments according to the end dates of each quarter. They may change from one year to another but for the year 2023, here are the corresponding dates: March 15, June 15, September 15 and December 15.
• Payment dates for social charges : in principle, social security contributions are paid by monthly direct debit on the 5th or 20th of each month. However, by way of derogation, it is possible to pay your contributions quarterly. In this case, the contributions are paid on February 5, May 5, August 5 and November 5.

Be sure to follow all of these dates and their deadlines. Their non-compliance could lead to financial penalties that you could avoid with a diligent organization.

Dates relating to accounting obligations

There are two types of essential dates relating to accounting obligations:

• The closing date of the company's accounts
• the dates of validation and presentation of the accounts

La Date of Closing of accounts marks the end of a company's accounting year, generally, it is set on December 31 of the year N. When you reach the closing date of your accounts, you must prepare financial statements within a reasonable time, including a financial balance sheet, an income statement, a cash flow statement, etc.

To comply with legal obligations, your company has a maximum period of time to file its annual accounts. As a general rule, this period cannot exceed 7 months from the last day of the accounting year. The closing date of the accounts is essential in order to be able to draw up an accurate assessment of your financial situation, your debt level, your assets and your liabilities at the end of the fiscal year.

To ensure optimal management of your cash flow, we strongly recommend that you follow this accounting calendar in order to anticipate the dates when you must file your returns or pay your contributions. Depending on the growth of your company, your understanding of the subject and the complexity of monitoring your financial flows, do not hesitate to be accompanied by a professional, whether it is a chartered accountant or a financial advisor. Based on their in-depth knowledge, these professionals can help you establish a precise schedule adapted to your situation.

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