If you don’t have the right information to run your business then you’re fighting with one arm tied behind your back.
The right financial information should fit your business like a glove that’s tailor-made for you and when that’s what’s flowing through the business – reaching the right people in good time – then better decisions are made.
“It really gives you a clear picture of who’s doing what”
MD – global business
This quote was in relation to some reporting we helped with that shows the MD the past and future revenue being generated by each member of the sales team.
The building blocks of how we got there are set out below.
Some accounting software is better than others at generating reports. This is odd given that the single most important reason for doing bookkeeping in the first place is to measure and improve financial performance.
And the right software is no use if no one knows how to use it properly – training is essential
In our view, QuickBooks is the best software for reporting by a long way but Xero has invested in this area of its product and has improved recently.
Your chart of accounts is the DNA of your accounting. The accounts you include in your CoA will appear in your financial information – so give this plenty of thought.
Your chart of accounts is a list of all the different accounts you might want to use to classify the transactions you have, such as:
If you’re unfamiliar with the role of the chart of accounts then take a look at the video in this blog to get sense of why it’s so important and how you build a CoA that’s future-proof and just right for your business.
You can’t generate the right financial information to run your business if you don’t get the data entry right.
“Garbage In – Garbage Out”
Make sure that data entry is complete, accurate, up to date and that transactions are classified using your chart of accounts.
In one business we saw, the accountants had classified a large number of expenses to an account called “general expenses” so no one knew what the company had been spending its money on!
Over the years, helping clients to produce the right financial information – that works for their business – has been a constant theme.
Too many bookkeepers and accountants concentrate on the data entry side of bookkeeping and don’t give nearly enough thought to the information that needs to come out of the other end.
We look through the other end of the telescope to start with.
Can we help you?
Give Michael Austin a call on 020 7125 0270 or email info@bluedotconsulting.co.uk for a confidential chat and let’s meet, free of charge, to look at the financial information you’re currently relying on and see if it can be improved.
Michael
Related links:
What are management accounts and why are they useful?
Chartered Accountants – Bedford House, Fulham Green, London, SW6 3JW
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
“Just wanted to take this opportunity Michael to thank you for your support of our finance manager and myself in progressing this work. It really has moved forward more quickly than we had expected and the Finance and Risk committee on Tuesday evening were impressed with the progress.”
“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.”
