Financial Information and Management

All businesses need good financial information and controls to ensure they are running the business effectively. This would commonly include monthly management accounts with a profit and loss account and a balance sheet.

But this information often only tells part of the story. It is also important to ensure that any information is in context and can be understood by those that need it, so that they are able to make the right decisions for the business. That’s where we can help.

Training

Setting up or creating a new accounting system can be daunting as not only do you want to migrate your data across correctly but you also want to ensure it is being managed and used correctly too.

Management Accounts

First and foremost if you don’t have these monthly they we can help to ensure that you do. Without them how do you know how the business is performing?

Budgets and Forecasts

Assisting you with the creation of budgets and cash flow forecasts, to help you to plan your financial performance. This includes setting key financial targets specifically tailored for you, whilst understanding the cash flow implications and providing a benchmark of the results for the year ahead.

Cashflow Projections and Management

Similar to ‘Budgets and Forecasts’ options, but focused solely on the cash flow planning aspect. Understanding the ins and outflows of the business to identify any critical pressure points so that action can be taken in plenty of time. As well as the core data, our team also have a wealth of experience in actions to tackle any issues, whether techniques to manage creditors or HMRC or how to borrow in the right way to cover any shortfalls.

Profit Improvement

We will help analyse your business and its financial performance to identify all the profit drivers of your business. This tailored approach will help you focus on where profits leak from the business and produce a summary to show you how you can work on your key profit drivers to increase the overall profitability. This is no lesson in economics, but a practical ‘hands on’ approach that is tried and tested on many clients.

Financial Review

A regular review of your business performance and the financial finances providing guidance throughout the year. Delivered in a manner of your choice; phone call, face-to-face or virtual meetings, this is like having your own in-house FD. You choose how often we meet and what level of input you want, but we bring the financial expertise to the management of the business.

Financial Health Check

This is a review of your business to assess its overall efficiency. We look at gross profit margins, overhead ratios, the speed of debt collection and many other measures of the underlying performance of your business. This is like a medical health check that takes the pulse of your business to see if you are in good shape, and identifies where attention is needed in the short to medium term. Some numbers are hard to understand in isolation, but put into a graph over a number of years and trends become obvious.

Breakeven Analysis

Identify the sales volume your business needs to make a profit, based on your fixed costs, variable costs, and selling price. It allows you to apply various scenarios to your breakeven point to understand, control and monitor your business performance. It will give you a focus on minimum targets and performance.

KPI Reporting

Key Performance Indicators are the 6 to 12 key numbers that will tell you if your business is on track. They are like the dashboard in your car. Every business has a different set of KPIs to monitor key activities and results that can lead to profitability.

Financial Processes and Control

Most businesses will have systems for doing various things. How you collect debts, approve purchase orders, or sanction spending, all need good systems and controls. We will help clients get the right balance of providing people with autonomy to do their job, but controls to ensure it is done at the right time and to the right standards.

Set up of new accounting systems

Whether a new system or changing from an existing one, setting up an accounting system properly is important. Making sure the nominal ledger is set-up right will ensure that the management accounts produce accurate and meaningful information that key people can understand. We will hand hold clients through every step of this set up process.

Bookkeeping

Every business is required to maintain basic accounting records. In addition, HMRC are moving towards a ‘Making Tax Digital’ regime where businesses will eventually be required to maintain electronic accounting systems and report data regularly to HMRC.

Payroll

From the processing of the payroll and provision of pay slips, to the submission of RTI records to HMRC and uploading of auto enrolment pension data. We can take away the stress and worry from you.