For business owners trying to make the best decisions, immediate access to the latest financial data is non-negotiable.

Crafting accurate and prompt management accounts, bolstered by the insights from cutting-edge digital accounting technology, stands as a cornerstone for any thriving contemporary enterprise.

In an era marked by fluctuating costs, trading conditions, and profitability concerns, the importance of staying abreast of your business's performance has never been more critical.

Monitoring Key Performance Indicators (KPIs)

A pivotal step in leveraging management information is the identification and tracking of key performance indicators (KPIs).

These benchmarks not only allow you to measure your business against competitors and past performance but also spotlight improvement opportunities to boost cash flow, profitability, and overall business value.

Leading businesses consistently review their performance against carefully chosen KPIs, such as:

  • Profitability
  • Staffing levels and payroll
  • Operational efficiency and waste reduction
  • Cash flow management
  • Inventory turnover
  • Liquidity ratios

Maximizing management information means going beyond the surface to analyse financial outcomes and the stories behind individual figures.

A thorough analytical review will reveal critical variances and trends across sales, gross profit margins, overheads, operating profits, accounts receivable, and payable.

Innovation through data

Thanks to advancements in cloud-based and automated accounting technologies, collecting business data has become simpler and more efficient.

With expert advice from your accountant, acting as a trusted business adviser, these systems unlock the potential for profound insights and forward-thinking strategies.

Elevating your business requires a comprehensive review of your financial functions, guided by professionals equipped to offer impactful insights and enhancements to your operations and profitability.

Many clients are already benefiting from our outsourced finance director and management information services, gaining access to vital information in a timely and cost-efficient manner.

Ready to Transform Your Business? Reach out to our team for unparalleled insights and strategies to drive your business forward. Contact us today at 0800 2346978 or email info@lamontpridmore.co.uk.

Management information checklist

Step 1

Make sure all your financial information is up to date and recorded correctly in your accounting system.

Step 2

Reconcile and cross check your key accounting ledgers for accuracy and to allow you to resolve any discrepancies.

Step 3

Review the cut-off and timing differences in your accounts for items that affect your profit and loss and balance sheet.

Step 4

Analyse your management information for variances, fluctuations and unexpected items.

Step 5

Review your KPIs to highlight what action is needed to change the numbers and improve profitability.

Step 6

Last and most importantly, we work with you to understand what these numbers mean and help you identify what areas you need to improve and what actions you need to take.