If you’re growing, it’s easy to invest in marketing and see your turnover grow. But if you’ve got no idea what your profit is, you might be spending it all and getting nowhere. And on the back of that, you can’t really do bespoke tax planning without interim information.
No longer are accountants merely data processors – there is software to automate that stuff. We tell you the story that the numbers are telling us.
This helps prepare for the management’s decision making process by giving them the financial facts they need to make informed decisions.
When delivering real-time financial information to our clients, we will collate the essential data and present it in a way that makes it meaningful for their business. Crucially we want them to have access to useful, easy to understand data that will enable them to understand what is and isn’t working in their dental business.
In addition to providing current, real-time data, we also include a trend analysis, so you have information on all areas of your business for the short and long term. Information and trends display an evolving situation and practices can use the information to set strategies, develop their existing strategy, and accomplish business objectives; it also gives insight to better align those strategies and identify critical relationships and gaps.
Here is why you should talk to us about receiving real-time financial information:
- Information is accurate, timely, relevant and complete; managers can have the information they need, when they need it.
- Having relevant data first is key to making quick decisions, sometimes ahead of the competition.
- Improves Business Performance – collating data into management information, businesses can improve the efficiency of their operations in order to achieve higher profitability.
- It promotes problem solving approaches and thinking skills, it asks questions and seeks answers in a continuous timely manner.
- Improves efficiency and productivity – reducing the need for paper records limits the generation of records in the first place or a practice can use digital captivation to store the information received from others.
- Having management information can evaluate different possibilities and allow you to examine scenarios.
- Good for regulatory purposes for example what’s happening with making tax digital.
It is worth noting that decisions are only as valid as the information on which they are based. Have you got the tools in place for this? Read our blogs on is your practice tech savvy? and using Xero for your practice to find out more about the bookkeeping software we recommend and why you should be using it.
If you would like to find out more about how you can get visibility and real-time financial information for your dental business please get in touch on 01872 300232 or email us at hello@hivebusiness.co.uk.
