Believe it or not, numbers can tell a story. And that’s a crucial part of what we do at Fresh Financials – helping you to see the story behind your business data.
But how do you see the narrative that’s lying hidden in your numbers? And, what are the key issues you should be looking out for to stop this fairy story turning into a nightmare tale?
Here’s how we help your business to find the story within.
Spotting the challenges in your story
Once upon a time there was a wicked bookkeeper who lived deep in the dark, scary forest beyond the mountains… just kidding, we’re not going to really write a fairy tale.
But knowing the elements that separate a GOOD story from a BAD story is one of the core benefits we bring to the table.
Getting on top of your books and key numbers is not just about looking at your profit and loss (P&L) sheet.
It’s about being a data diver and delving deeply into your financial information. [link to June blog 1 – Reinventing the concept of bookkeeping] By taking a magnifying glass to the different financial elements of the business, we can spot the trends, see the potential issues and look for the underlying opportunities.
When I first send a proposal to a client, one of the first things I do is ask to be invited into their Xero online accounting account. By getting access to a business’s Xero data, I can very quickly see where the challenges are and what improvements are needed to resolve those issues.
That’s our super skill, here at Fresh Financials – to be able to see, at a glance, where the pitfalls are and to help your business overcome them. Knowing which bridge has the troll underneath allows us to ensure your story has that all-important happy ending. And all without a magic wand in sight!
Don’t just focus on sales and revenue
So, what numbers should you be tracking to make sure you keep your story on course and heading towards that happy-ever-after finale?
For a start, don’t just look at your sales and revenue figures. It’s just as important to look at your budgets and cash-flow situation as well. Then you’ve got the foresight needed to deal with any cash issues in the here and now, and the knowledge that there’s money in the pot to cover your outgoings.
Good bookkeeping is not just about putting data into a format that’s understandable. It’s about flagging up the trends and danger points so that there are no nasty surprises around the corner.
A great example of this is credit control and the impact of late payments. If you have 30-day terms on your invoices, but your customers are averagely paying after 90 days, how does that impact your business?
What we do is give you the numbers and the aged debtor reports you need to spot this build up of late payments.
When you can see the debt problem, it’s easier to resolve it. Talking to late-paying customers to speed up payments, or looking into options for taking up-front or online payments, can help reduce these aged debts. And adopting software, like the Chaser Xero Add-on, that can automatically chase late invoices for you, not only reduces debt, but saves your finance team hours of chasing time as well.
It’s equally important to keep on top of your purchase ledger and the bills you need to pay each month. Know what you owe to suppliers and don’t just pay bills when people are shouting for them – agree the terms and stick to them. And, in doing so, have a far better handle on your own purchases and spending.
With a tight control on your own credit control, and an equally tight reign on your purchase ledger, you can have complete confidence that there’s cash in the bank when you click the button to make that month’s payment run.
Turn the nightmare into a fairy tale
So, when you look at your numbers, do you understand your business story? And can your current adviser explain your story to you in the detail you want?
If you’re still in the dark, and your story is fast becoming a nightmare, you need to make a change.
What we do at Fresh Financials is make your business story into the one it truly has the potential to be. We dive down into your data and highlight the key points that are creating your current challenges. Then we advise on how to work automation and efficiency into your financial processes so you have the key numbers needed to turn around the fortunes of the business.
Nothing is hidden. You get completely transparency around the numbers and processes, so you’re always in the loop and know what’s going on. Within three months we can guarantee you’ll start seeing a positive change in your finances – and will start feeling the benefits of a more systematic approach to your numbers.
Let us reveal your business story
We’re definitely not your average bookkeeper. When you work with Fresh Financials, we become a true part of your business. And it’s this higher level of communication and the quality of our working relationship that makes all the difference.
With us, you always get the personal touch, combined with a financial relationship that’s built on truth, transparency and real honesty.
If you think your business story may be turning into a nightmare, we can help you turn that narrative around.
Get in touch to arrange a catch-up so we can reveal the business story behind your numbers.