The importance of monthly financial information.

Owning and managing a business is difficult at the best of times and is especially difficult in tough economic conditions. A lack of financial information makes this job much harder to do.

Many small business owners rely on the company bank balance and the order book to get a feel for how things are going. The problem with relying on this method is that it is difficult to spot potential problems and react to them before its too late. What’s more is that although cash is King! It is not profit so if you are not getting accurate monthly profit figures you may be working at a loss despite having cash in the bank.

The thought of trying to get accurate monthly accounts completed is a daunting one and quite frankly owner managers often don’t know where to start. To add to this the thought of using a chartered accountant to help with this just sounds too expensive.

The good news is that we can help. We believe that this information should be prepared by the bookkeeper and that it is not a giant leap from the information you have to prepare for the taxman to getting information from your accounts that is actually relevant and useful to your business.

This is what one of our customers says:

"Before Will Wood from Accsys came to help us we never new what our profit would be at the year end, one year it came as a shock that we had made a loss despite having a healthy cash balance…now we know each month how we have done and have targets to reach" Tracy, Able Canopies Limited

How we do this:

It’s simple really; there are some key adjustments that most bookkeepers do not make that affect profit. These are Stock, Depreciation, dividends and accruing for expenses. The reason they don't do that is that they often are focusing on the books on a cash basis and not thinking about your profit.

Our Approach is a four step process

1.We will assess your books and your bookkeeper’s knowledge of the principles stated above and then undertake a short training program on the necessary adjustments.

2. If cash is a problem for you then we can help with your cash flow forecasting

3.We will assess, and amend if necessary, your credit control function to ensure you are getting money in on time

4.We will sit with you and explain the numbers in a clear, jargon free manor.

5.We will then monitor this on a monthly basis suggesting any other adjustments that need to be made.

At the end of it we aim for you to receive on a regular basis:

•An accurate Monthly Profit and Loss and balance sheet

•A list of debtors and creditors

•A cash flow forecast for the next 8 weeks

How much will it cost?

The good news is that this will probably cost you nothing because we will be improving your accounting records so much that your exisitng accountant is going to have to give you a discount. If they don't then come and see us for your accounts and tax needs and we will offer you one.

The price of this service will be a fixed price depending on your existing records but if you sign up with Accsys Accountants Limited for your Accounts and Tax return we will provide the above service FREE of CHARGE.

Click on Contact us to enquire today.

Accountants in Maidstone, Kent and the following areas west kingsdown, bearsted, Allhallows-on-Sea, Appledore, Ash, Ash-cum-Ridley, Ashford, Aylesford, Aylesham, Bapchild, Barham, Barnehurst, Barnham Downs, Bearsted,A ccountant Beckenham, Belvedere, Benenden, Bethersden, Bexley,A ccountant Bexleyheath, Biddenden, Bigg Hill, Birchgton, Borough Green, Bossgham, Bough Beech, Boughton Lees, Brabourne, Brabourne Lees, Bredhurst, Brenchley, Broadstairs, Bromley, Brookland, Burham, Canterbury, Capel le Ferne, Challock, Charg, , Chartham , Chartham Hatch, Chatham, Chiddgstone, Chilham, Chillenden, Chipstead, Chislehurst, Cliffe, Cliftonville, Countywide, Cranbrook, Crayford, Cudham, Dargate, Dartford, Deal, Densole, Dover, Downe, Dungeness, Dymchurch, East Peckham, Eastchurch, Eastlg, Eastry, Edenbridge, Erith, Eynsford, Eythorne, Fakenham, Faversham, Fawkham, Folkestone, Fordcombe, Fordwich, Frant, Frittenden, Gillgham, Goudhurst, Gravesend, Greenhithe, Groombridge, Hadlow, Halstead,

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