A combination of efficient bookkeeping and management accounts is the best way to steer your business and increase your profitability. It is also very handy for those individuals who are VAT-registered. Remember, you must be VAT registered if your turnover is over £85,000 a year and you need to submit a VAT return every quarter.
Bookkeeping is made quick and simple with digital accounting. Digital accounting also put you back in control. It also allows us to produce management accounts which are exceptionally effective at helping you to run your business.
Management accounts are produced monthly or quarterly and consist of:
- A balance sheet
- A profit and loss account (an income statement)
- A cashflow forecast
These help you to make decisions and show you where your profit is generated so you can really grow that area. The cashflow forecast shows if everything is running smoothly or will give you advanced warning if problems are on the horizon. So, you can either relax or take action now to avert a major problem coming to light in the next few weeks or months.
These vital management accounts allow you to:
- Isolate and report on the key performance indicators which really drive your business
- See actual performance compared to budgets and forecasts
- Supply management information to lenders and investors
- Monitor costs including break-even turnover levels
- Spot and deal with any “holes” in your business
- Locate and strengthen the profit-making parts of your business
We will train you on how to get the most out of your management accounts and really grow your business.