So how do you make the NUMBERS work for you?
Your financial data holds the answers. But are you asking the right questions?
Every company is required to prepare and file their financial accounts at Companies House - or Companies Registry for businesses in Northern Ireland. These statutory accounts describe the performance of your business from an historical perspective; they don’t help too much with managing the day-to-day operational efficiency of the organisation.
Management accounts (derived from the financial data), on the other hand, are aimed at helping you to plan your business and make decisions about key areas such as sales, margins and inventory levels. And answer questions like:
“How much does it cost me to generate a sale?”
“How much of my cash (working capital) is tied up in inventory?”
“How can I improve my cash flow?”
“How effective are my distribution channels?”
“How much money will I have in the bank in 3 months time?”
“What would I need to do to increase my profit by 20% or even double it?”
If you are interested in improving the performance of your business, or improving the value of your business, or simply wanting to enjoy your business again then you need to change something. If you know what it is that must be changed then take that first step and just do it. If you don’t know what it is you need to change, or you want a a second opinion to confirm your own thoughts then call us, without obligation, for a chat, and even get a free business diagnostic worth up to £1000.
Call today and and ask to speak with an Industry Experienced Management Accountant about how your numbers could help to improve your business performance. With a network of professionally trained and qualified advisers throughout the UK, and overseas, we are uniquely positioned to help you.