The success of any business relies on its ability to make informed financial decisions. These decisions depend on up-to-date financial data. However, much available data is not stored in a useful framework. As a result, it can often be stressful and overwhelming trying to extract meaningful data about a specific area of a business.
At Bentley Consulting, we understand the importance of being able to have the right data readily available when you need it. We take pride in being able to bring over 40 years of experience to help business owners find the right data to help them on their path to financial success.
The first steps to financial success.
A business needs to take time to think about what information will be useful to it. This is especially important if there are plans to implement new software. The chart of accounts and coding structures adopted are of fundamental importance to the subsequent availability of useful information.
We very often find that the accounts and coding structures have been installed by the IT people providing the software. While they may be skilled at IT, we very often find that the coding structures they provide do not facilitate the extraction of useful data for the business.
So the first step is to decide what data will be useful and to make sure that the coding structure will allow for it to be easily extracted. Coding structures should be logical, consistent, and give attention to the ability to segment data over different products, markets, different customer types etc. Segmentation is valuable. It will allow the business to identify where it is really making its profit.
Secondly, data integrity is essential. The data in your system has to be coded to the right place, has to be entered correctly, and has to be complete and up-to-date. Ensuring that your figures are accurate and complete is the first step in being able to produce useful information to facilitate business decision making. Using incomplete or incorrect data to make decisions can be very damaging.
By using useful reports, you can identify problems early and recognise areas for profit improvement that will improve the bottom line and add value to the business. If your business is not already doing this, considering outsourcing to the Bentley Consulting team, we can truly help improve your results.
Bentley Consulting can help you implement the right systems and processes to ensure proper record-keeping practices for you. We achieve this by:
- Gaining a snapshot: We work with you to gain a complete understanding of the business you are working with
- Forecasting: We can help forecast the business trajectory to give you a clear picture of the overall business as it is, and how it will look in the future
- Strategy: We create a clear strategy and show you the options, so you have a full understanding of the impact of different decisions and can choose the right path for your clients
- Measure: We capture the data, sort information and recommend and implement changes to coding structures.
- Report on the business progress with clear analysis for you to review.
Getting your figures right is a vital process for helping you to manage the business, secure funds from lenders, and comply with government regulations. Don’t rely on “gut feel” to make business decisions, but discover how Bentley Consulting can help you make informed decisions. Book your 15-minute consultation with us today.
Written by Roger Kiddle, Managing Director of Bentley Consulting.
