A client rang to say they’d like to establish and Accounts Calendar. A series of reviews scheduled throughout each month that ensure the important elements of financial management are being looked at consistently by the right people across the business.
Some areas of accounting have their own timetable, such as payroll and VAT, but the Accounts Calendar is specific to each business because your business is not the same as the next guy’s.
Every week we have a “Debtors, Creditors and Bank” review. We look at how much money is in the bank, which customers should be paying us soon and which suppliers need to be paid.
Not only can we see how much money we expect to have in the bank going forward, we can identify any issues with getting paid or disputes with suppliers and call in other people around the company to resolve any problems.
Once a month we have a “Pipeline Profitability” review. The client is project-based so looking at the gross profit expected from projects in the sales pipeline and weighting each project with the probability of winning it gives us an insight into short-term profitability.
Finally, we have a monthly “Project Profitability” review. Here we look at the progress of live projects and what the likely profit is going to be compared to the expected profit. Any issues on a project are identified as are the people across the company who should sort them out.
The normal accounting environment also exists. We have monthly management accounts and a cashflow model and, of course, none of this could happen if the bookkeeping wasn’t consistently up to date.
But introducing the Accounts Calendar to your workflow adds a regular layer of financial management that’s re-enforcing the twin pillars of financial success – profitability and cashflow.
Your Accounts Calendar might look a bit different depending on what your business does. The key quesion is: does your business have an Accounts Calendar?
Michael
Related blogs:
Does your business need a Gross Profit Officer?
Getting paid on time – your company is NOT a source of alternative finance!
We don’t believe in forms, we believe in talking to people, finding out your needs and tailor-making a solution just for you.
Give us a ring on 020 7125 0270 or email us at info@bluedotconsulting.co.uk
“Michael and the Blue Dot team have been an essential part of our journey from startup through to being an established company, and we look forward to continuing working together long into the future. They have always been on hand to offer support and sound advice whenever it is needed.”
“Blue Dot have been our accountants and bookkeepers since the very beginning of our business, and have been nothing short of outstanding throughout.”
“Blue Dot Consulting went above and beyond in helping us navigate not only the transition to cloud-based accounting but also in leading our accounts team through a broader period of transformation.
Their deep understanding of our unique needs and challenges was evident from the outset. They provided unwavering support to our team, ensuring they felt confident and well-prepared for the changes ahead.”
“Thank you again for your help and training so far – it’s honestly been invaluable.”
“I’m no expert but it has been transformative the help and advice I get from Michael and his team.
Michael was fantastic. He quizzed me on how my business worked financially and was super patient with me. Explaining everything in a non-accountancy manner. He then showed me how to utilise all the less obvious tools in the program, which he continues to do, so that I can see immediately what monies held belonged to my company and what is held for clients. I now do my own VAT returns and payroll because of his help and continued support.”
“I really enjoy working with Blue Dot Consulting — they’ve helped me take control of our financial situation in a practical, no-nonsense way.
They take a common-sense approach and, most importantly, they get things done. For example, we now have weekly planning and forecasting calls, along with monthly cash flow reviews using simple, easy-to-understand spreadsheets.
Their support has made a huge difference in how we manage and plan for the future.”
“As the business owner, it can get lonely making all the decisions. I feel I have a ‘silent FD’ that I can call, challenge and that any idea is OK to discuss, and to arrive at a sensible way forward.”
“Having someone in the room that is happy to (in a structured way) challenge the norm and not simply accept that, because things look good, we should stop looking to improve.”
“Blue Dot are uncompromisingly systematic and thorough so that you can get on with running your business.”
“Outstanding service and support. They get things done, just what you need. Recommended.”
“It was the genuine level of care and interest in what we do as a business.
The regular check-ins and the effort to ensure the systems they’ve implemented are working for everyone stood out.
It felt like more than just a service, it was a partnership.”
“I’ve been delighted with both the service and expert advice I’ve received from Michael and his team. They take the weight off my shoulders when it comes to my business’s financial requirements, allowing me to focus on building and managing the company.”
“We are a small organisation with no in-house financial expertise, so it’s a huge weight off my mind knowing that I can rely on Michael and his team to take care of everything.”
“I can wholeheartedly and highly recommend Michael and his team at Blue Dot as an exceptional accounting firm. They put my mind at rest knowing I am in excellent hands.”
“Michael and the team are my saviours. Always helpful, approachable and reliable. They show an interest in my business and give excellent advice and recommendations. Above all, they are highly likeable and fun to work with.”
“They went above and beyond in helping us navigate not only the transition to cloud-based accounting but also in leading our accounts team through a broader period of transformation.”
“You guys are brilliant. It’s been a challenging few weeks facing up to the issues but I do feel positive towards them now and I feel a weight has lifted from my shoulders. I am honestly so thankful!”
“I was a little apprehensive about working with a new accountant but I didn’t need to worry – I have found their approach to be friendly, genuine and they go above & beyond to help.”
“Michael’s straightforward, practical and tailor-made approach was perfect for me and our business.”
“Blue Dot have been our accountants and bookkeepers since the very beginning of our business, and have been nothing short of outstanding throughout.”
