Waiting for Annual Accounts to be Processed is often Too Late !
Analysing and discussing your accounts after the end of your financial year is a recipe for disaster for any business that relies on timely and accurate information to trade profitably.
Regular monthly or quarterly management accounts are an essential tool that can supply (amongst other benefits) Key Performance Indicators (KPI’s). These enable you to stop or change certain activities, costs or expenses that are draining profit from the company. In practice, focus often migrates to the day to day work and practical running of the business.
Keeping your Eye on the Ball is Imperative to Maintain or Increase Profits.
Don’t wait for the bank manager to call you, decide now to put systems in place that provide the critical figures needed to stay in control and ahead of the game.
Apart from revenue and profits, management accounts can be used to:
- Demonstrate trends and/or seasonal fluctuations
- Identify individual cost increases and potential cost savings
- Show whether true profits or losses are being made
- Help decision making on strategic measures
- Paint a clear, honest and detailed picture of the value of your business
- Monitor revenue/expenses/profit and compare to budgets
- Provide all the above well in advance of the annual accounts
Even if you already have an accountant, we can offer a helpful and cost-effective intermediary service to provide management figures throughout the year, keeping you updated on the financial situation of your business.
Call us today on 01428 727313 to discuss how JMB can help you stay on track.