End of year accounts can be decidedly boring and something only accountants get excited about. But good financial reporting is crucial for effective business management and there is far more to this than just end of year accounts.
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Effective financial reporting means having timely management reports that tell you what you need to know in an easy to read and understand format. Dashboard and traffic light style reports are great ways to achieve this. Performance against budget is also crucial as it enables you to focus on the things that are outside of expectations rather than wading through every line. Of course this means you need to be preparing budgets which are forward looking whereas monthly and annual reports only tell you what has happened in the past. Establishing benchmarks in financial and non-financial terms (such as output, hours worked etc) is also really useful.
Our Business Advisory team regularly develop tailored financial reporting packs that enable our clients to have the right and up-to-date information at their fingertips so they can manage their businesses more effectively. So if your financial reporting system needs an overhaul or if you would like assistance in preparing integrated profit, cash flow and balance sheet forecasts then speak with one of our Business Advisory managers.