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New Age Reporting - Are You Stuck in a Time Warp?

By Andrew Brown

 

What was, is not good enough now

In the past as a business owner you did your best to run your business, usually with a cash book and bank statements.

Then some basic software systems came along like electronic cash books, but, they didn’t really advise you; the best they could do was tell you how you went and where you spent your money.

These systems then developed into more sophisticated ledger systems that generated:

  1. Balance Sheets – which tell you where you are at a point in time
  2. Profit & Loss Statements – which tell you how you got there

This is historical information and limits decision makers.

 

What is good enough now – and the way of the future

Current systems are able to track more than just financial information and not just in historic time but looking forward to meaningful more “real time” data.

The kind of trends you should be looking at for your business are:

  1. Future cash flow projections
  2. Customer or sales trend analysis
  3. ‘What if’ analysis i.e. “if I change x, what happens to y”?
  4. Having ALERT functions where you get electronically notified of events or important matters

This is the software of today.

 

Change can be hard, but do you really want to be operating a Beta VCR when all your competitors are using Apple Apps to attract and service customers?...........................

The choice is yours and our role as advisors is to ensure you get this opportunity

So where to now?....

  1. Review your current systems with us.
  2. Scope what information you need
  3. Choose the right systems with us that allow you to understand your business better
  4. Out do your competitors!

You will be amazed at what a good system can do for you with only a little effort.



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Accountants & Financial Planners - Mortgage & Finance Services
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No representation is given, warranty made or responsibility taken about the accuracy, timeliness or completeness of information sourced from third parties. Because of this, we recommend you consider, with or without the assistance of a financial adviser, whether the information is appropriate in light of your particular needs and circumstances.

Anthony Klatt, John Grocke and Mathew Wilkshire are authorised representatives of Paragem Pty Ltd. Paragem Pty Ltd ABN 16 108 571 875, is the holder of Australian Financial Services License number 297276 and these authorised representatives trade as Johnston Grocke.

AG Finance Group is a Corporate Credit Representative (396686) of BLSSA Pty Ltd, ACN 117 651 760 (Australian Credit License Number 391237).