When you receive your financial statements can you pinpoint where to raise prices, how to sell more of something, where to lower costs or what to focus on for the next year so you have a better bottom line? If you increased revenue more than 10%, 20% or even 30% this year would your business survive or thrive?
The answer to the first question may not be possible for you with any clarity if you donâ€™t have systems in place to provide you more immediate financial reporting than annual financial statements. If youâ€™re guessing or hunching or not even making goals because you canâ€™t see what went well and what went wrong from last year, you need a deeper dive dashboard. Itâ€™s not hard to build one. But you do need to know what you want to look for. This is not something your accountant can help you with. But we can.
Better financial reporting also leads to better systems so your business can accommodate more growth without a wheel falling off the freight train. Systems like inter departmental workflow and information flow mapping take the strain off your employees and improve productivity and performance.
When you can predict performance with your people and your profits, growth is the likely outcome.
For more insights into how we help build better systems and reporting, check out these articles:
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