Regular financial management packs
To stay in control, and to be able to plan, you need to know how your dental or medical practice is performing. Waiting until year-end to find out if your expectations have been met, or if you need to change strategy, means you could miss out on business-benefitting opportunities in the meantime.
This is where management packs come in. As specialist dental and medical accountants, Figurit can turn your accounting data into accounting intelligence with regular management packs, so you have all the information at the right time.
Management packs are regular reports that offer comprehensive financial information and business insights, giving you a clear, current picture of how you’re doing, and allowing you to track your performance at a glance.
Why regular financial information is important to your medical or dental practice
Regular management packs enable you to:
- Base decisions on what’s happening now and enhance performance by ensuring your business becomes more agile and responsive through improved insight into current trading.
- Pick up on 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 new business?
- Plan cash flow – predict availability and squeezes and understand when to invest and when to put cash aside.
- Highlight budget variances: how is the business progressing compared with the previous year? See where you are ahead or behind your budget on a monthly or quarterly basis, so you can act accordingly.
- Prepare for tax payments. Keep ahead of the game with a heads-up on future liabilities and avoid problems with late-filing and other non-compliance penalties.
- Have less hassle at year-end. Regular management packs relieve the burden for the annual accounts and tax returns.
- Communicate better with investors, banks and other lenders, who increasingly require regular management information.
- Access finance more easily. If you need to seek finance, up-to-date management information makes the task a whole lot simpler.
Greater insight into your practices’ performance
Typically, for a dental or medical practice, a management pack is produced monthly or quarterly (depending on how regularly you would like them) and includes metrics and insights for informed decision making, such as:
- Profit and loss account and balance sheet
- Key performance indicators
- Graphs and charts showing trends and variances
- Profitability and breakeven analysis
- Cash-flow analysis.
The key benefit of management packs is that they keep you on the right track. They enable you to make data-driven decisions, so you can tweak your business plan. You might see a clear need to expand the team sooner rather than later, or to invest in other resources, for example. Management packs will help you maintain a positive, proactive environment.
Management packs will give you the data you need to optimise both the running and performance of your practice. Figurit has been producing management packs for dental and medical clients for years, via its Xero online accounts platform and other analysis tools, making the whole process seamless and efficient.
Supporting practices in London and throughout the UK
To learn more about how our services can support you and your dental or medical practice and receive a free no-obligation meeting, contact us by calling us on 020 7376 9333 or use our contact form.