IOD Article – Take professional approach to your business finances

Julia Leask FCMA CGMA runs Leask Accountancy Solutions from Warwick. She joined IOD after speaking on International Women’s Day at an event hosted by IOD and CIMA. She is an award-winning accountant, advisor, and trustee with significant senior experience in many sectors (including biomechanics, utilities, IT, education, manufacturing, technology, and construction).  As an outsourced CFO she now helps SMEs achieve their full potential through bespoke growth plans.

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Iod Article

A lot of business’s still have a combination of in-house and outsourced finance functions. Their team does the bookkeeping and credit control and an external accountant does the stuff to keep them legal (such as the payroll, VAT, filing annual accounts, and tax returns).

The first thing to understand is that accountancy is not an admin task. It’s a highly-skilled job that is vital for planning success on solid foundations. Many accounting tools help but won’t solve all the issues. All data must be accurately inputted into any accounting systems so that the interpretation is actually meaningful.

How the right finance function will empower

  • Professionals sharing the same core values as you. By confidently working together on your plan, you will achieve your personal and business goals.
  • Implementing control systems so you have a finger on the pulse of your six to eight key performance measures.
  • Supplementing traditional historical accounting with the benchmarking of your business performance, prices, and margins against others in your sector in real-time.
  • Supplying management information in plain English or pictures, not jargon, so you understand the explanations as to what your numbers mean, and you get it and so can react quickly.
  • With a trusted sounding board in your team, they’ll understand your pains and help you overcome the challenges.

So how do you get your bills paid on time, put money aside for taxes and have a highly profitable business?     Hire the finance function that is right for you.

Your inbuilt early warning system will alert you if anything deviates from the norm. The controls you now have in place manage all issues. So relax and benefit from the three Freedoms:

  • Money is in the bank to cover all your business and personal commitments.
  • Your Mind has stopped the chatter so you can sleep better at night
  • By managing your Time you are working less hours and enjoying THAT must do hobby.

Now just crack on and get your action plan done

  • If you wait until you feel you have enough time to devote to this kind of overhaul, you’ll still be in the same place this time next year.
  • Work out what you really want and what your goals are.
  • Find out if you have the internal resources to start improving the profit margin structure and look at the key drivers behind it.
  • Calculate your overall budget and expenditure for the next week, month, and year.

Carve out the time now, as the relatively small investment today will pay you back handsomely. By keeping on track the results you want will come quickly in the near future and beyond.

Or you could take a shortcut and call Julia today on 01926 298829,