Most of our business clients use cloud based accounting software to process and monitor their finances. Obviously, during the present coronavirus crisis, keeping an eye on the numbers is a no-brainer.
Trying to manage your business without the data that up-to-date accounting information provides, is rather like driving on a motorway with your eyes closed.
Most if not all software applications produce the usual profit statement and balance sheet. These will enable you to keep an eye on profits and solvency. However, during the present COVID disruption there are two other important areas that need your attention, cash-flow and a plan, a budget for at least the year ahead.
Many cloud applications facilitate a budgeting process. This includes producing reports that compare these budgets with actual results. Unfortunately, cash-flow reporting in most programs is limited. To produce meaningful, longer-term cash-flow reports will require that you link your accounts software to a specialist APP.
We can help
If you have not yet converted your bookkeeping to a cloud-based computerised process, now would be a good time to look at your options. We can help you choose.
If you have cloud-based software and need to identify or create reports to monitor your profitability and solvency we can help.
If you need to add a cash-flow reporting APP we can help you choose an appropriate solution.