Managing BID Finance

Efficient handling of BID finances balances need for diligence with levy money with effective budgeting

Robust and transparent financial systems and control of the budget and cash flow are essential for any Business Improvement District

Due to administration by the local authority and governing by BID Regulations, your BID finances have to be reconcilable with the BID Revenue Account. The BID will also need to ensure that it has the appropriate protocols in place to administer its finances appropriately and sets up on-line banking facilities with a bank which can offer the required levels of safe guarding and security for administration of the BID finances on-line. Not all high street banks can do this. We will guide you on the appropriate systems and protocols to be put in place.

pfbb UK has an in depth understanding as to how the different financial mechanisms relating to a BID work and can work with your accountants to help you ensure that you have the right systems in place to establish audit trail for financial accountability and rigorous cash flow management/ budget control.