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Real Time Accounting Information Protects your Business
Forward Thinking Business Blog –
When things go wrong in business, managers often blame external factors. Yet studies show that most business crises are caused by management failures. In poorly managed businesses, opportunities and revenue are lost and problems arise which can ultimately lead to business failure.
Running out of cash is one such problem. This happens for various reasons — from miscalculating profit margins to over-spending and inadequate credit control. Yet cash flow problems can be managed with a reliable accounting system. At a minimum, this will provide up to date, reliable information on your bank balances, revenue, margins, debtor days and tax position.
Inadequate monitoring of competitors is another common problem. In today’s fast paced environment, new competitors spring up all the time and customer demands change rapidly. Therefore access to reliable market information is vital.
Owner managed businesses sometimes do not prioritise investment in their management team. As your business develops and grows, it is important to realise you can’t be an expert in all areas. Seek appropriate support and learn to delegate. Otherwise, you risk spending too much time working in your business, and not enough time working on it.
While nobody sets out to be a bad manager, every manager risks making bad decisions if they don’t have access to reliable business information, says Feargal McCormack.
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One way to strengthen your management is to bring external expertise on to your board of directors or leadership team for monthly meetings. This can compensate for gaps in your own expertise. It also provides an objective perspective that improves boardroom decision making.
Similarly, if you do not have the resources to employ an in-house accounting team, it makes sense to look for an external service provider. Real time accounting can be a very cost-effective solution in this regard. It gives you access to qualified accounting professionals and up to date, reliable information about your business alongside commentary and analysis. Again, this improves your decision making and makes your business more profitable and sustainable in the long term.
Every business faces difficult situations from time to time. Good budgeting and effective financial controls provide early warning of potential trouble. The sooner you recognise problems, the easier it is to deal with them.
FPM offers a real time accounting solution, incorporating payroll services, that can be implemented on a step by step basis.
If you would like to find out more about this service…
