Financial management information
Financial management underpins everything that your business does. From making sure there is enough cash coming in and that the money going out is being spent well, to creating an attractive opportunity for investors, good financial management is the key to it all.
Financial management for businesses helps with financial planning, gaining, and using funds effectively, tracking revenues and profitability, and keeping your business financially stable.
It can also help inform decisions such as whether to invest in a new product or process, and what you can expect to make in return.
With something that plays such a critical role in your business, an expert eye could make all the difference.
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If you want some advice about management accounting or how a KPI dashboard can simplify your business reporting, monitoring and planning, get in touch today for a free consultation.
Management accounts
Management accounts help you make the big decisions about your business, providing reports to help you see what is happening and what the impact of your decisions could be. Whether you’re thinking short or long-term, management accounting can help you see where to invest, which parts of your business are growing and which might be struggling, so you can take action at the right time.
This process allows you to have an overview of your business within a single report, bringing together all the critical information you need. As well as focusing on what is happening now, reports can be used to forecast and to compare how you have done against what was predicted.
Reports can include financial and non-financial information such as:
- Profit & loss, balance sheet and cash flow results reported against budget
- Cash flow forecasting with scenario analysis
- Reconciliations
- Sales and purchase ledger information
- KPIs such as marketing activity and website traffic
- Sales pipeline metrics and conversion rates
Whether you’ve got an in-house team who are focusing on your core business, or you are looking to outsource your finance function altogether, a business accountant has the time, attention to detail and expertise to bring together the relevant information for you, so you can make the right choices without getting bogged down in the detail.
KPI dashboards
Spreadsheets and tables can be difficult to interpret at a glance. This is where KPI dashboards can help. They present the data you need in a visual way. Think of it like the dashboard of a car – you have information about how fast you are travelling, how far you can go and if any problems have been spotted.
The same is true of a KPI dashboard – with just a quick look, you will be able to see how your business is performing and whether there are any problems on the horizon.
They are helpful from both a short and long-term perspective, letting you see how things are going on a day-to-day basis as well as highlighting trends and potential pitfalls.
Working with a specialist business accountant means they will have the knowledge and experience to identify what you need to be aware of in order to run your business smoothly and efficiently, providing timely and accurate data in an easy-to-absorb format.