Do you know how your company is performing?

Nov 9, 2011

Amazing as it sounds, many businesses do not know how their business is performing.  In order to react to market conditions, be these from competitors or customers, businesses must be able to use the information from their business to make positive changes.

There are a number of ways to find out how your company is performing and you do not necessarily have to invest in accounts packages to get this information.  Whether you use a manual cash book, a spreadsheet or an Accounts package you must make sure the information within this is up to date. 

From this information you should be able to interpret the information to establish how well your business is performing.

Ideally you should be able to pull out the following information:

- What is your profit and what is your tax bill likely to be on this?

- Who owes you money and when will it be paid?

- Who do you owe money to and when will this be paid?

Just this very basic information will enable you to react to changes both internally and externally and make you feel more in control of your business.  Spend some time thinking how you can make changes to your business accounts so that you can see this information quickly.  If you are struggling with this speak to your Accountant who should be happy to help.  If they're not interest pick up the phone and give us a call!

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