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!
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!