Our accounting services for small businesses in London might fit your business very well.
Let’s take a look. (BTW – We tend to think of SMEs as businesses below £10m turnover.)
As CEO / MD of an SME – what financial information do you need?
This is the starting point. Every business needs up-to-date, accurate, reliable financial information to know how it’s doing and to shine a light on how it could do better.
Financial information, allied with non-financial metrics, used sensibly, is at the heart of pretty much every successful business.
The financial information you need will probably include:
- P&L and balance sheet
- profit margins
- profit by product / service / client / project
- cashflow
- who owes you money
- who you owe money to
And here we reach a block in the road.
- Many of the common cloud accounting software programs are poor at reporting.
- Many bookkeepers and accountants let themselves be fenced-in by the poor reporting modules.
- Many bookkeepers and accountants simply don’t know what they don’t know.
Are you getting the financial information you need?
=> Do you have the right financial information to run and improve your business?
Good bookkeeping is the bedrock of good financial information
Bookkeeping needs to be up to date, accurate and reliable but something more besides.
It needs to fit your business.
If you run a training business then hotel costs are likely to be costs of sales – as they are only incurred because you have sold a training course and need a location to run it from.
On the other hand if your business has customers all over the country then hotel costs are likely to be an overhead.
Does your bookkeeping correctly classify the costs of running your business?
=> You can have any expenses you want – so long as they’re Direct Expenses
Businesses don’t stand still – they evolve
Which means your financial management needs to evolve and adapt to change.
Sometimes gradual change will be enough to keep up – more people, different technology, updated workflows.
And from time to time you’ll need a complete overhaul.
Our accounting services for small businesses in London might fit your business rather well
We tend to think of SMEs as businesses below £10m turnover.
So, if that’s your business and you’re concerned you don’t have the accounting support you really need then let’s have a free-of-charge chat about your business – call Michael Austin on 020 7125 0270 or email info@bluedotconsulting.co.uk
Michael – @bluedotmichael
Related links:
Switching accountant – you can kiss a lot of frogs
I can’t have the business I want…….because of the business I’ve got!
You can’t run a £1m business and only have your bookkeeping updated every three months!
Chartered Accountants – Bedford House, Fulham Green, London, SW6 3JW
