Do you have Reliable Information to Monitor your Business?

Do you have Reliable Information to Monitor your Business?

A business owner may have a variety of measures they use to monitor the progress of the business on a monthly basis. While some might be happy to use the closing
bank balance at month end as a guide, we would recommend that you have a
system to monitor:
 Total sales for the month – How does this compare
to previous months or any forecast completed?
 Direct costs, including purchases and wages – Are these in line with expectations based on the sales
for the month?
 The overall gross profit and gross margin – Is this
consistent, improving or deteriorating?
 Accounts Receivable – What level of receivables is over 30 days old? Is a system in place to follow
them up?
 Accounts Payable – Are invoices paid by due date? If not, is
the situation improving or getting worse?
 Overall profit earned for the month – What is the profit? Is this as expected? Is the profit enough to cover loan payments, drawings, tax and asset purchases?
If you would like to put in a monthly reporting system we are able to assist with this,
either by completing adequate reports for you or showing you how you can find this information in your current accounting system. If your current reporting system produces profit and loss reports we can also review this with you to help you understand how your business is progressing.
Contact us to discuss how we can assist.

Wednesday, 8th November 2017


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"When I needed an accountant, a friend recommended we call DB Chartered Accountants.

David and Pam made it very easy to get everything sorted and they also helped me bring the business into the online world. They advised us as to what was needed every step of the way and helped explain everything to us in a language we could understand.

They have helped us turn the business into a very healthy one, also helping us make it into a Ltd company.

Anytime we need a question answered they are only a phone call or email away and always answer promptly, sometimes with extra ideas we hadn’t thought of.

I would recommend DB Chartered Accountants to anybody who needs an easy, no fuss accounting firm."

 
Shana Payne
Director
TC BLINDS LTD
 
 
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