Your business future, now – the benefits of online accounting

Published on 18 May 2018

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Financial reporting provides a key role in the relationship between accountants and clients, especially as an aid to insightful business advice. This reporting and communication forms part of the regular management information needed by business owners and management teams to make well-informed decisions moving forwards.

The problem here is that the reporting and communication has been, and in many cases continues to be, focused on historical data and information.

With an ever increasing amount of tech-driven solutions available to accountants, the goal should be to provide real-time information alongside a forward looking forecast in order to build a picture of the months ahead, rather than those which have gone.

By looking forward rather than back you will be able to make better business decisions, based on more accurate and up to date information. You should be able to better monitor your cash flow and strategically plan for sustainable growth by timing your investments based on multiple scenario forecasting.

Whilst forecasting may not be an exact science, there are now a number of tools available which allow accountants and business advisers to better predict the future and it’s this forward-thinking advice which should form the key element of your monthly financial meetings rather than the traditional historical reporting.

Here at Kreston Reeves we look to interpret and present management information in a format our clients understand: if you love numbers, great, if not then we have plenty of graphics to help you visualise your business performance vs expectation and plan ahead to make the right decisions for your business’ future, now.

To discuss how online accounting and forecasting can help you and your developing business needs please contact Dan Daly, Business Advisory Manager, here or on +44 (0)330 124 1399.

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