SMALL BUSINESSES: How to plan for the future and avoid unexpected cash flow problems!

Did you know 78% of businesses fail because of the lack of a well-developed business plan? And 60% of small businesses will fail within the first 5 years!

Allow me to paint a picture, you’re a small or medium sized business, perhaps you’ve only just started or you’ve been operating for a while now. Corona-virus has hit the economy hard and you’re worried about the future of your business. Let’s face it, it’s hard to predict the effect this will have on your business and now more than ever, it’s crucial to plan for the future to ensure your business will survive.

Failing to plan for the future, can devastate a business. All it takes if for you to go into the red once, and then all the problems start. Your credit rating can fall making it impossible to get a loan. Your suppliers fall out with you for failing to pay them on time. Your customers lose confidence. And before you know it, you just can’t operate any more – And let’s not even get in to the worries of bankruptcy!

But help is at hand. There’s one secret that every successful business owner and director knows is vital for the success of their business; MANAGEMENT ACCOUNTS. Management accounts are perhaps one of the most important of all business advice services. They take all your accounting data from applications such as Xero and turn them into actionable information to help you make important decisions about your business. Management accounts can help you determine which revenue stream is failing to be profitable, or which needs more focus. It can help you determine if you have room to expand by hiring new staff and equipment, or perhaps when you need to cut back. And a plethora of other information as well. 

Management accounts help you to see your business clearly and make the decisions that will keep your business operating well into the future. 

It’s never been so easy for small businesses to get advice!

 

The PERFECT SET OF MANAGEMENT ACCOUNTS includes:

 

  • Your recent profit and loss so you can see the performance of your operations and how well they are making money for the business. It’s a crucial feature if you want peace of mind over your performance.
  • Comparisons against prior periods, different departments, or locations and all sorts of other tracked accounting history. Management accounts give you a crystal clear picture of how well (or badly) you are doing and what changes need to be done to make the most of our options. Remove the stress of uncertainty, and gain peace over knowing what you need to do to protect your business
  • Key information on metrics and KPIs – i.e custom factors you may want to track, such as profit margin of a particular product or service, number of sales, staff performance etc. The benefit of metrics and KPI’s is that they are completely customisable and RELEVANT to your business. This makes it possible to make decisions on the things most important to your business and helps you avoid the anguish of having to work it out manually, or even worse not knowing.
  • Budget comparison so you can track your implemented plans and make changes along the way based on your actual performance. A great feature to help you stay on top of your plans!
  • Business forecast so you can see expected results all the way to the end of the year and further, giving you the peace of mind that you’re on the right track.
  • Brilliant graphical charts and diagrams to help you see in a nutshell how well your business is doing. Perfect for sharing information with others in a quick and easy manner on the stuff that matters most to you.
  • Narration by a qualified chartered accountant giving you a breakdown of the report in clear terms, without the complicated accounting jargon. We can comment on the issues that matter most to you advise on what actions you should take, giving you the absolute confidence in your decision making.
  • Meeting in person to discuss the report, answer your questions and discuss in detail what plans you have for the future.

Our director James is in charge of management accounting at Xoba. James is a chartered accountant and has been advising business in the UK for the last 7 years with his management accounts service.

James has a wide range of experience to help him produce genuinely helpful management information for businesses.

From small to medium sized businesses and in a range of different industries, such as retail, manufacture, construction and hospitality.

Xoba are the #1 Xero accountants in Lancashire.

We partnered with Xero for one simple reason, it’s the best accounting system in the UK. And that’s CRUCIAL if you want to have management information that’s consistent, accurate, relevant and timely.

We can connect directly to your Xero data with our management accounting software and produce beautiful, helpful reports FAST. We can help with Xero, or even do the bookkeeping for you, so you don’t have to lift a finger!

Don’t just take my word for it, take a look at how YOUR future management accounts could look…

Don’t forget what’s included…

  1. See the profitability your business as clear as day
  2. Compare performance of different periods, different departments, locations, staff, and more.
  3. Track key information like Metrics and KPIs that are relevant to your business
  4. See how you perform against your budget
  5. Business forecast so you can check you’re on track
  6. A beautiful chart gallery where you can easily see how your business is doing in a number of different areas such as liquidity, cashflow, profitability, etc.
  7. A clear summary written by a chartered accountant, breaking down the key points and focussing on what you want.
  8. A meeting to discuss in detail and answer all questions you may have about the report.
  9. Pricing starts at just £200 per report and we can even do the bookkeeping for you on Xero so you don’t have to lift a finger!

Sign up now and get 10% off!

Offer guaranteed up to February 2021.

P.s. Don’t forget, this is the #1 secret to the success of most businesses. Don’t get left by the wayside, get your management accounts now and protect your future!