Advivo shares the importance of month-end processing and how it can impact your business’ finances and growth…
Advivo can help you run your business successfully, with effective cashflow and no year-end surprises, just by moving your business to one of our monthly service programs. Monthly account reviews, management and support weed out any bookkeeping and coding mistakes BEFORE they become an issue, and has the control put firmly back in your hands.
Here are some of the benefits:
- Have your finger on the pulse, make better decisions and control costs
A monthly set of accounts that you can be sure are accurate makes it very easy to assess progress and compare costs month to month. It can be a lot easier to run your business and find savings by analysing costs in more detail every month and predicting cash flow availability.
- Avoids big surprises at year-end
Usually, business owners know roughly how much they have sold during the year and their regular expenses, but it can be difficult to monitor varying margins, exceptional costs, one-off projects as well as factoring accruals, depreciation, interest and potential bookkeeping errors or omissions. This can mean that the year-end results may not be as expected, and necessary adjustments can cause a nasty shock.
- Real-time financials are available to send to banks and other financiers at the drop of a hat
If you are looking to successfully raise finance from a bank or investor, you will need a business plan backed up by current forecasts and accounts. This can be difficult to do using a set of accounts that are over 6 months out-of-date, especially if your business performance has changed significantly since the last financial year-end. Monthly accounting ensures that your financials are always up-to-date, and your business dashboard is fed by accurate financials.
- Easier to monitor working capital
Although it’s easy to see how much cash you have in the bank from month to month, it can be difficult to monitor how much your clients owe you, how much you owe creditors and the monthly movement in those figures. An increase in debtors without an increase in turnover can mean clients are taking too long to pay and time needs to be invested in resolving this. Monthly accounting ensures you always know the position of your debtors and can take action early if there are any potential problems.
- Monthly comparison to budgets and forecasts
Every business should have a strategic plan for the year ahead including how this will be implemented. To help keep you on track, all of our monthly service programs include a level of budget and forecast preparation which we integrate into your monthly management accounts, providing a visual aid to easily see the specific causes of any variances between the strategic plan and implementation. This becomes your business dashboard and is essential for any effective management team or business owner.
All these benefits can be achieved with Advivo’s new Monthly Service Programs!
Call us on 07 3226 1800 or message us on our contact page to discuss which package is best for you. We have a talented team of accountants, business advisors, and accounting consultants who will listen to you and take a hands-on approach to manage your business and take you to the next level.