How To Get Financial Fact In Your Business
And get a solid grip ...
POSTED BY JONATHAN VOWLES ON 02/07/2019 @ 8:00AM
Every good business person knows you need to have a solid grip on your business finances. This is why you need to see financial fact ...
Financial fact in any business starts with good bookkeeping!
copyright: kantver / 123rf
You need a level of information that means you can make not just decisions, but smarter decisions. What you need in your business is financial fact, not guesswork.
"Financial fact starts with accurate bookkeeping!"
However, before you think this means lots of hard work, this actually means hassle-free financial recording; it's bookkeeping using automated processes. Which means you become better at recording the ins and outs without spending lots of time and effort.
The time and effort you do spend is on making sure the record keeping is correct rather than doing the data-entry. Quite often, it has the added side effect of helping you to spend less time on the paperwork, so you can spend more time doing other things.
Once you have accurate record keeping, you need Management Reporting (financial reporting) that makes sense. Not a wall of numbers spread across multiple pages, but something that picks out the useful information from the mass of data within your businesses finances.
Everyone has heard about key performance indicators, (KPI's), and part of management reporting is identifying what those significant bits of information are so that you can concentrate on the important stuff.
Your finances are not the only really useful parts of management reporting. We can add in sales and marketing information, website and social media data, and even cashflow information. Information that gives you a fuller picture of your business.
"Because better quality information means better quality, or smarter, decisions!"
Which is when you get to financial fact. You have information at your fingertips that helps you to make a difference. Information that is current rather than months out of date and information that you can rely on. Information that is presented in a concise, easily understandable way.
"Would you like to know more?"
If you'd like to find out more about financial fact and how you can get a solid grip on your business, do give me a call on 01234 752 566 or click here to ping me an email and let's see how I can help you.
Until next time ...
If you're looking for a new accountant to help grow your business, do visit www.jvca.co.uk and discover how Jonathan Vowles Chartered Accountants can help you!
More about Jonathan Vowles ...
I've been an accountant in and for business since 1987 and have a wide experience of consultancy, audit, accounts, taxation and wealth planning work from individuals and small businesses to multinational corporations and charities.
My eclectic interests in growing and developing business span a number of areas … and can be summarised as strategic business advice and tax saving advice.
I have worked with the Chamber of Commerce to deliver courses for people about starting up in business and have lectured about tax for a major accountancy practice and for Milton Keynes College.
I relax by reading fiction and by getting away from the office in a campervan.
More blog posts for you to enjoy ...