Why does my business need monthly management information?

Author: Susie Bell | Published:

Many small business owners think of their accountant as an expensive cost forced upon them once a year in order to get their accounts and tax returns filed…

Our aim at SWSBS is to change this perception and show you how monthly management accounts and regular catch ups with a good commercially focussed accountant can mean the difference between success and failure for a small business (and the difference between stress and peace of mind).

Monthly management information is the key to steering your business towards greater profits and growth.

How can you make informed decisions if you are not getting your accounts done until the end of your trading year? If you had information every month straight after the month end would this not be beneficial to see which parts of your business are performing better than others and when you need to find extra cash to pay the PAYE bill?

Monthly management information can be made up of a number of different things to aid in the smooth running of your business. Every business is different but some of the most effective categories would be items such as:

  • Financials – how much profit you made in the month and are you owed in more than you owe out.
  • Cash flow analysis – a forecast of what is coming up over the following months to aid with planning.
  • Commercial information – details such as job/contract profitability and new marketing strategies to try as well as analysis of current sales strategies/targets.
    At SWSBS we have over 20 years of experience in a vast range of business types and can advise and support you while your business grows, as well as preparing all of the above information for you for a low monthly fee.

Email us at info@swsbs.co.uk for a free no-obligation business consultation.

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