Timely information puts you in control
In today’s fast-paced business world, it’s more important than ever to keep on top of business performance. And for that, timely information is vital.
Regular monthly or quarterly management accounts keep you up to date, enabling you to optimise your business by basing your management decisions on current information. No need to wait until the year-end to find out how the business has performed. No unpleasant surprises. No more being behind the curve.
Regular management accounts put you in total control.
Why regular information is important
Successful businesses rely on the passion and commitment of directors and business owners to thrive. They, in turn, count on having the necessary up-to-date information to run their businesses effectively. Regular management accounts enable you to:
- Base business decisions on what’s happening now – Enhance performance by ensuring your business becomes more agile and responsive through improved insight into current market conditions.
- Pick up on current trends to make informed resourcing decisions – Do you need more staff to cope with demand or should you anticipate cutting back?
- Identify when to spend more on marketing – Is revenue healthy or do you need to concentrate on generating more business?
- Plan cash flow – Predict cash availability and squeezes, based on business performance in preceding quarters. Understand when to invest and when to put cash aside.
- Enhance tax planning – Keep ahead of the game with a heads-up on future tax liabilities and avoid problems with late-filing and other non-compliance penalties.
- Simplify quarterly VAT and year-end reporting procedures – Quarterly management accounts make generating VAT returns a much simpler process and relieve the burden at the year-end.
- Highlight budget variances – How is the business progressing compared with the previous year? See where you are ahead of – or behind – your budget on a monthly or quarterly basis and take action accordingly.
- Communicate with stakeholders and lenders – Banks and other stakeholders increasingly require regular management information.
- Access finance more easily – If you find that you need to seek finance, existing up-to-date management information makes the task a whole lot simpler.
Naturally, every business is different but they all have one thing in common – they all rely on having accurate, timely management information to be successful. With regular management accounts, you can guarantee that the necessary up-to-date information is right where you need it – at your fingertips.
Making life easy for you
Thankfully, generating regular management information needn’t be a burden. Here at Figurit we make the process of producing regular management information as simple and painless as possible for our clients, via our Xero online accounts solution. Much of the process is automated – for instance, by integrating the output of your monthly bank statements into your accounting system ¬– saving you time and money, and streamlining production of your accounts.
What’s more, we can make life even easier for you if you choose to outsource your financial controller function to us here at Figurit. In addition, we can provide useful insights into your management information via our consultancy services. All of which leaves you freer to engage with your customers and manage your business the way you want to.