The kind of things I put in place...
Financial Foundations is customised to your needs but here are some of the more common things we implement.
Setting up a bookkeeping system
Set up or improve your cloud bookkeeping system, usually using Xero, so your financial information is organised, accessible and kept in one place. Put straightforward systems in place for managing receipts, invoices and financial paperwork so less time is spent chasing documents and information.
Meaningful profit reporting
Structure your accounts so you can see more than simply total income and expenses. Depending on your business, this might mean understanding different income streams, staff and supplier costs, materials or stock, overheads and other key areas of expenditure.
Cashflow forecasting
Put a simple cashflow forecast in place so you can look ahead, not just at what has already happened. See what your expected bank position could look like in 3, 6 or even 12 months, helping you plan for tax, larger expenses, quieter periods, investment in the practice or how much you can comfortably take from the business.
The right performance measures
Your accounts tell us a lot — but they don’t tell us everything. We can identify the other numbers worth tracking in your business, such as customer numbers, sales activity, average transaction value, conversion rates etc. Where needed, I’ll put a simple system in place to capture this information so it can be reviewed alongside your financial results.