business management / 5 posts found
It’s all in the process!
McDonalds, the fast food chain - and incidentally the 5th largest employer in the world - is renowned for its systems. The premise of this business model is that anyone, anywhere in the world, can pick up the “how to” book for McDonalds and do any of their one of their individual jobs. Their business model is extraordinary. It’s is heralded as the systems process model everyone should attempt to emulate if they are ambitious for growth. You may think the following: But my business is more complicated But it’s all in my head But I don’t have time to [...]
Know your numbers!
The problem with using generic Key Performance Indicators (or KPIs for short) is that all businesses are different. So the numbers that we need to understand to make better informed business decisions are different. The trick in optimizing the potential of cloud accounting reporting is in choosing which figures to look at. A good management accountant will make sure that you are basing your decisions on the correct set of figures, not on the wrong ones. The next part of this is to watch those figures, and see what they do, each week, every week. There is no point only [...]
Making the best of it
Many people regard paying their accountant as a necessary evil. Simply as something that has to be done, in order to tick the boxes laid out for us by the Government. But what if we change our thinking toward accountancy, what if we embrace something we have to do anyway, and turn it into a benefit, not simply a drain? We have to, by law, file our end of year accounts with HMRC. Most businesses pay an accountant to do this for them, in order to firstly ensure that it is correct, and also to optimise our tax position. This [...]
How do we prepare for Brexit when so much is undecided?
It is hardly surprising that Brexit is fast becoming as big a turnoff as tax. How on earth are we supposed to react or adapt to such far-reaching changes when the exact details of our exit are still undecided just a few weeks before the March 2019 deadline? Businesses that buy or sell goods to the EU must be pulling their corporate hair out – just how will their supply lines be affected? A new government website covering possible Brexit consequences The government has already published a bunch of documentation setting out the consequences of a no-deal outcome and they [...]
What’s the difference?
Choosing an accountant is an important business decision to make. Surrounding yourself with a good team involves picking people that you trust to work with you and help you to achieve the goals that you want from your business. Understanding the type of accountant that you need is an element of the decision. Generally, there are two types of accountants: financial accountants and management accountants. So, what’s the difference? Financial accountants produce quarterly and annual statements showing what has been happening in your business. These reports are viewed by external personnel such as shareholders, and the tax office. They tend [...]