Just as you need to back cost on a job by job basis, you need to know how your business is performing now - not in 3 months’ time, at the end of the year or 6 months after the financial year has ended. To make decisions about your business you need accurate, real time information put together in a way you understand. You need to know what the message behind the numbers means.
We suggest that in addition to job back costing, at the very least you need monthly and year to date Profit and Loss reports, to measure business financial performance. Ideally you will be able to use this information to forecast what the next 12 months will bring, see what the peaks and troughs look like and know what you can expect or, what your bank manager or accountant can expect. You can guarantee it’s a lot easier requesting facilities, overdrafts or borrowing money ahead-of-time, in a planned and informed manner, than turning up on the day when you really need it.
Our systems and solutions will provide you with information accurately, on time and when you need it. You can take this information and meet with your team, your advisers, your accountant, your banker or with us, it doesn’t matter. This information is always to hand, so the critical success factor is ensuring it’s reviewed thoroughly and followed up on every month at least. Then you can see which direction your business is heading.