Key steps for providing accurate accounting information
SLM Accountants offers you a range of advice, to help you keep your books in order.
Firstly, you need to know how much profit you’re making, and which areas are profitable, so you can identify where you are losing it. You’ll need to know this information on a regular basis.
Once you’ve identified your profit and loss areas, we will determine the key business drivers and set up a system called key performance indicators to monitor them.
We’ll then put a plan together to help you make more money, which can include:
• Putting a marketing plan and sales process in place
• Putting a pricing strategy in place
• Finding ways for you to improve your gross margin
• Reviewing your overhead costs and finding ways for you to save money
• Ensuring your assets are being utilised to their maximum
You may have reached the stage where you need an injection of funding. We’ll help you source the right funding to move your business forward, and help you present the information required to secure it.
Managing your business properly can make the difference between success, stagnation or even failure.
We provide you with many additional business advisory services, which can help ensure you are safeguarding correctly and managing your business risks properly.
Any business owner is duty bound to make sure you safeguard their business. You need to ensure you have proper systems of financial control in place. All businesses need to have proper systems of financial control in place, to safeguard their financial assets and protect you from potential fraud.
Business owners also need accurate and timely information, to base their decisions on, otherwise, it would be impossible to manage your business.
Cash flow is the most important element any business needs to stay on top of. Simply put cash is king. You need to ensure you know your funding requirements for the following weeks, months and even the following year. If you have no money, you definitely won’t succeed.
Key accounting elements
Credit control
• Ensuring you have the necessary credit control procedures, and they are robust
Budgeting and forecasting
• Having targets and a plan in place ensures your business won’t be reactive
Foreign exchange
• If you are billing or have costs in foreign currencies, you will be exposed to FX risk. We can help you mitigate or hedge this risk
Key areas of services for your new business:
• Registration of your business with HMRC
• Incorporation of new company at Companies House
• Projected profit and loss accounts and cash flow statements
• Advice on the best and most tax efficient structure
• Help with business plans
• Providing you with the necessary documents to open up a business bank account