Bookkeeping & Accounts - Sort the basics
Now there is no excuse for your financial records lagging behind the day-to-day running of the business. Cloud accounting & integrated apps mean that bookkeeping can be done in real time, so you can see an accurate financial picture whenever you want. Your competition is doing this.
How does it help?
Sales trends: Analysing sales data allows you to identify trends and capitalise on them. You can adjust your pricing, stock levels & marketing campaigns accordingly.
Customer insights: Detailed customer data such as how often customers by & their average spend (or your average sales value), helps you understand your target audience better, so you can tailor your sales, marketing strategies & products.
Stock levels: Accurate inventory data ensures you never run out of stock or overstock, optimising your cash flow.
Supplier relationships: Know how much you buy from your key suppliers & understand how much stock to hold, to negotiate better terms & ensure a consistent supply chain.
Real-time financial reports: Accurate and up-to-date financial data allows you to get real-time reports on financial performance: sales, costs & margins, cash flow, how much your customers owe you, how much you owe to suppliers & HMRC.
Growing, retaining & taking care of your people: You can analyse employee data to identify areas where training or hiring may be required, improving overall productivity. Capturing this also helps you spot wellbeing issues.
Production and workflow management: If you know what is involved in supplying your product or service you can produce a financial costing for each product or service, then see how actual costs measure up against this. Helping you spot wastage & downtime – for a service business – track job costs in real-time to spot potential cost and time overruns. Identify leakages, such as non-productive time and sub-optimal scheduling.
The Benefits
By collecting, analysing & making sense of data, you can gain valuable insights into your performance. This means you can quickly identify the areas that need improvement and the opportunities in the market – while making data-driven decisions about your future.
Budgeting: You can do a budget at the start of your financial year, setting your targets for sales, profit and cash flow. Track actual performance against it & see how your business is performing against goals & targets. Spot where things are off track and take action to bring them back in line. Understand what is going well & capitalise on the opportunities, or what isn’t & fix it.
Forecasts and what-if scenarios: Do you want to invest in plant or equipment, grow your team or beef up your marketing to increase sales? You can model how these decisions will impact profit and cash flow.
Conclusion
With the right people to help you, business can be that easy.
If you find this interesting or helpful, why not book a meeting to see how we can help you?
