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 Management Reports and then helping you unpack what they mean for your business with a scheduled phone call.
One of our senior accountants will discuss your results each month via a 15-minute phone call. This ensures that you receive the maximum value from your reports and can make the required changes to your business to ensure its success.
Essentially, it’s about helping you review and truly understand your reports – with a dose of accountability.
Keen to know more? Contact us.
“Don’t look back – unless you want to go that way.” – Anon