Do you currently review trends from previous years to determine where the rises and falls may be for the current financial year? Most organisations have the data available but not the staff to analyse the information and present it in a concise and meaningful report. It is much easier for a management team to review a few pages of graphs with analysis of exceptions than to wade through pages of comprehensive reports that may not really explain the content. There may be specific months where income is lower or expenditure higher, such as BAS payment periods or the end of financial year, and this can have a serious impact on cash flow. By reviewing the results from the last three years in a graph, you can determine what these trends are and budget for them.
Our reporting tool allows us to convert lengthy management reports into a concise finance report listing your key areas of concern, such as time recording, fees, debtors, workload, cashflow and profitability. Our consultants can record the data from your management system or reports to provide you with a considered monthly or quarterly finance report. The sample report below has been prepared using a fictitious law firm and data created from our director’s experience in the legal industry.
Budgeting is essential in maintaining a successful business. To prepare a budget, you would normally examine the results for the last financial year and consider any issues that may impact on those figures for the next year. This may include improved sales or fees, increased salaries or reduced leasing costs, sale of assets and so on. In some smaller organisations, this may not happen due to a shortage of resources or other considerations having more importance. Our consultants are available to assist in preparing budgets and cash flow projections so that you can run your business more efficiently.
Our reporting tool makes budget preparation much simpler as it caters for the variations in hourly rates, personnel and salaries that can happen from year to year. When setting up the three year history, our consultant will discuss the format of the report and tailor it to your preferences. Provided the information requested is available we can customise the report and colour scheme to suit your requirements.