Steps To Ensure Business Survival!
If you're worried about the recession, a performance accountant would be able to help you see exactly where you stand
. We are able to assist with a special Survival In Difficult Times For SMEs Workbook, containing checklists, a complete review of your business operations and development of a summary report containing agreed strategies to ensure the business' survival during these difficult times. If this sounds like it could be helpful to you - let us know - we'd be happy to guide you through this workbook, and through helping you find a good performance accountant.
A Performance Accountant Can Help You With Your Financial Review
To help your business survive you should examine, in detail, all aspects of the business' operations to ensure that the business will continue to perform throughout economic downturn.
Here are some steps you could consider - with a performance accountant - when reviewing your business:
- Keep the business' books up-to-date so that management is able to foresee any cashflow difficulties before they happen
- Prepare monthly financial accounts including calculation of key performance indicators and discuss the accounts and KPIs with managers and team members
- Brainstorm creative ways to increase revenue and reduce costs, make brainstorming part of your daily routine
A Performance Accountant Can Help You With Your Accounting and Computer Systems
Review the accounting and computer systems to ensure that you are able to receive prompt accurate financial and business operational reports. Your performance accountant knows this, and would do all that is necessary to help you achieve this successfully.
A Performance Accountant Can Help You With Your Market And Customer Review
- Review marketing expenditure - Is the expenditure directly targeted to achieving sales in the prevailing market?
- Review your unique selling proposition - Are you delivering outstanding service to your customers each time you deal with them?
- Review what is happening in your industry - What market opportunities are emerging from the downturn?
- Demonstrate a 'can do' attitude to the market. The downturn will not last forever - in some quarters, we're already being told we're in recovery. Can you get increased market share in a downturn?
- Analyse your market and customers - Can you offer inducements to them to increase the frequency of visits and the value of average sales? Can you attract new customers?
Contact us if you would like more ideas or would like to discuss any of these steps, and if you need help in finding a good performance accountant.
WILL WRITTEN SYSTEMS HELP?
Putting your business' systems and procedures into a written manual will give your business a far better chance of being successful, especially with the help of a competent performance accountant. The time and effort it takes to draft a written systems manual will be well worth it because when problems arise, (e.g. a key member of staff is sick), management and staff can refer to the systems manual to get guidance on what should be done in a particular situation.
System Manuals From Your Performance Accountant
Your system manuals, overseen by your performance accountant, might include instructions on how to produce key information including:
*Daily bank balances
*Sales
*Number of customers
*Weekly performance reports
*Staff productivity
*Monthly debtors' aged analysis
*Creditors' aged analysis
*Cashflow position
*Departmentalised financial accounts compared to budgets
Key Performance Indicator Data For The Business From Your Performance Accountant
The systems manual might also summarise business records to be maintained including:
*Checking of cash register tapes
*Stock purchases issued/balance on hand records
*Employee wage records
*Capital expenditure
*Research and development expenditure
*Insurance covers
*Updating of budgets and cashflow forecasts
*Establishment of appropriate control of commerce and internet banking transactions
*Procedures relating to opening an account with suppliers
*Use of purchase orders
*Checking suppliers' tax invoices against delivery
*Payment of tax invoices
*Cheque preparation
*Substantiation of expenditure record
*Bank account operation
*General ledger postings
*Checking of cash register tapes
Why You Need A Performance Accountant To Conduct A Periodical Review
As part of the systems review, a periodical review of the filing system being utilised by the business is advisable. Does your filing system produce all the information you require? Does your computer system ensure all business emails are correctly filed and easily located if required in a dispute with a customer or a court case? Your performance accountant would be able to help you out immensely.
We would be happy to let our performance accountant help you conduct a detailed review of your systems including your systems manual, business records and filing systems.
by: Jamie McKean
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