Do you wait for your Annual Accounts to arrive before you look at your numbers for the year?
By the time your accounts have been finalised, the data is historical. Any changes you make as a result of reading these are probably not the most effective.
Would you drive your car forward by looking in your rear-view mirror? Talk about dangerous!
If you want better control of your business, reviewing monthly Management Reports is a great start. This will give you access to better data, enabling you to quickly identify areas of concern and implement strategies for improvement.
Better data will encourage better decision making, and ultimately, it will help you achieve your goals faster.
It’s essential that you set targets and regularly monitor your actual results against these, identifying important trends in your business along the way.
Management Reports are only helpful if you DO something with them.
We recommend setting time aside to review them and interpret what the reports are telling you.
It’s not enough to see that your gross profit has dropped this month compared to last month; you need to be able to understand the reasons why it has dropped so you can act to improve it.
We see how developing discipline around Management Reports positively impacts our clients.
Our Management Reporting service involves providing you with monthly or quarterly Management Reports containing your Profit & Loss account, Balance Sheet, Aged Debtors & Creditors, Cashflow Summary and an Executive Summary giving you the top-level information.
Using these reports, you can ask the questions relevant and make decisions in real-time that can have lasting positive impact on your business.
Essentially, it’s about helping you review and truly understand your reports - with a dose of accountability.
Keen to know more? Contact us today.