Monthly Reporting and Analysis
The Problem
Business is getting tight, you don’t like or understand the financial side of the business and you bury your head in the sand when it comes to the numbers but you know that you should be making more profit and you know you don’t understand where your profit comes from. You need to get to grips with what is happening in the business financially but accountants just don’t speak your language and confuse you but you need to know where your business is going in the future and what to focus your resources on in difficult times.
What do you need?
You have an internal finance function or book-keeper already and some processes in place. You always look at your profit and loss and balance sheet at the end of each month and you keep an eye on your bank balance, your external Accountants may actually prepare these management accounts for you. Finance is running OK but you have no management information or measures to see if you are on target or not, no-one actually looks at or analyses the information that your Accountants prepare or discusses the implications of your decisions with you.
- Wouldn’t you like to know how much profit you are making on your different services or if any of them are making you a loss? Should you stop providing some of them and focus resources elsewhere?
- If you are a man-time or project based business, which projects make you the most money and which do you spend far too much time on but no-one can explain why? Would anyone in your business even know how much time is spent on projects?
- Do you want to have the right measures in place for your business and understand how successful you are? Which measures would you put in place and how would you make sure they are understood by all?
- Are you confident that all members of your team understand the financial implications of their actions and decisions on the bottom line of your business?
- Would you like a sounding board; someone that ensured that you and your team had the discipline to discuss the business performance/issues and act on them?
The answer to some of these questions will be that you don’t know or are unsure.
The Solution - Monthly Reporting and Analysis.
The key is understanding your business with you from a commercial and financial perspective through the analysis of performance, key performance indicators and the financial position of the business. We work with your internal finance function or book-keeper to analyse and report on your monthly results. We will work with your business to set-up key performance indicators and monthly reporting as well as preparing full management information packs at the end of each month for your business. Our aim will be to ensure you and your key decision makers fully understand the results and assist you with any decisions that are highlighted.
Working alongside you to provide your business with key reporting and analysis will mean you make better business decisions and will really add value to your business.