Do you have Reliable Information to Monitor your Business?

Do you have Reliable Information to Monitor your Business?

A business owner may have a variety of measures they use to monitor the progress of the business on a monthly basis. We would recommend that a business has a system to monitor:
 Total sales for the month – How does this compare to previous months
or any forecast completed?
 Direct costs, including purchases and wages – Are these in line with expectations based on the sales
for the month?
 The overall gross profit and gross margin – Is this consistent, improving
or deteriorating?
 Accounts Receivable – What level of receivables is over 30 days old? Is a system in place to follow
them up?
 Accounts Payable – Are invoices paid by due date? If not, is the situation improving
or getting worse?
 Overall profit earned for the month – What is the profit? Is this as expected? Is the profit enough to cover loan payments, drawings, tax and asset purchases?
If you would like to put in a monthly reporting system we are able to assist with this, either by completing adequate reports for you or showing you how you can find this information in your current accounting system.
If your current reporting system produces profit and loss reports we can also review this with you to help you understand how your business is progressing.
Contact us to discuss how we can assist.

Monday, 4th December 2023


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"Company-X relies on DB Chartered for all the usual accounting stuff but way more than that we see them as partners in our business.

DB Chartered take initiative and help get stuff done and make things happen. For example I love the charts of business performance delivered even without request as part of their service. That's DB Chartered taking initiative and saying "Here you should be monitoring these business success indicators".

They are an essential part of the advisory team developing overall strategy, growth funding, tactical and operational decisions. Having someone else focused on your business like it's their own and sharing in the thought leadership to success is invaluable. You can't ask for more than that."

 
Jeremy Hughes & David Hallett
Directors
COMPANY-X LIMITED
 
 
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