Financial data – what’s the missing link?
Almost all businesses employ the services of an accountant. Some businesses have several people helping them on the financial side – with an accountant, an FD, accounts administrators etc. Yet time and time again, I come across business owners who simply do not have easy access to the information they need when it comes to making crucial business decisions.
Although there are many other factors that contribute to the decisions we make in our businesses, in the majority of cases, it comes down to the numbers and whether they add up.
So what is the missing link?
Surely, if a business employs the professional services of financial folk, they should have the information they need? It comes down to the when, what and who…
One of the issues around the way accounts are usually complied is that this is usually a process that takes place annually, following the end of the company’s financial year. Because the process is so long ‘after the event’, it really does little to help a business owner in the here and now – things can change so quickly, as recent events have demonstrated. In an ideal world business owners should have up to date information available on a monthly or even weekly basis to help them identify trends and be able to take fast and decisive action.
Another potential issue is the information itself – and being sure that business owners have meaningful data available at their fingertips. With digital accounting tools commonplace, and a whole host of software programmes and apps available, there are more possibilities than ever before. However, getting to the end goal can be an uphill battle, sometimes involving change across all levels of an organisation.
And finally, the who. Whilst the financial professionals a business employs may be great at the individual elements they provide, there is often a gap when it comes to analysing the information and using it to put an effective and proactive plan in place. Having that ‘conscious outsider’ who can not only look at the information, but who isn’t afraid to ask difficult questions, can make all the difference to positioning a business to be able to deal with whatever comes its way.
Agenda’s team of business consultants approach business consultancy with a financial eye; using our experience from years in financial roles to help businesses access and use the data from their businesses to develop and implement plans derived from real and meaningful insights.
To find out more about what we do and how we can help you, please get in touch.