Whether you run your business as a sole employer or with a senior management team and board, you can expect to be met with various challenges. Your business might hit a rough patch, or you may simply wish to readjust your corporate direction to more effectively navigate choppy waters ahead.
In situations like these, you might recognise a need for specialist or dedicated help. You can tap into a wealth of in-depth advice from accountants at Profile.
You can effectively track your company’s progress by using key performance indicators (KPIs). KPIs are crucial business metrics that show how your business is faring on a range of specific criteria.
With every KPI, you can assess how successful your company is in meeting a particular identified objective. We can advise you on how to create KPI reports that include a range of invaluable data about your business. This data can include:
- Profit drivers
- Breakeven point
- Cash drivers
- Team productivity
Where do you intend to go with your business? Whatever path you take will incur costs, which is where the importance of budgeting comes in.
With budgeting, you can estimate revenues and costs that will be involved in a potential strategy, such as hiring a new employee. When you budget for each strategy, you will be able to finish the year by comparing and analysing the budgeted amounts to assess your overall performance.
Our advice can touch on subjects including how to establish a budget, regularly review it and then use your findings to tackle shortcomings in your business.
Whereas budgeting is about deciding where you wish to take your business, forecasting shines light on where you can actually take it.
It is important that you can confidently anticipate how upcoming changes – both inside and outside the business – will affect its profitability and balance sheet. We can show how you can make reliable forecasts, whether for just the year ahead or several years into the future.
Cash flow tracking
How much money will enter your company’s bank account and when? At the end of each month, how much money will you still have after tax payments and loan and dividend repayments? These are all examples of questions answered through cash flow tracking.
Maintaining healthy cash flow is crucial to the continued health of your business as a whole. With our advisory and accounting services, we can assist you in improving your company’s cash flow so that you can preserve a positive cash balance in your business bank account.
We offer a breadth of business and accounting advice for startups and established small to medium sized businesses that book a free consultation with us at Profile.