Business owners are all too familiar with fighting financial fires, which often occur because there‘s no robust and efficient framework of systems and procedures for financial management in place.
Consider what could happen if you took ‘step 1’ towards implementing robust financial management systems. In other words, stop and take stock: analyse your current position and determine the stressors and the solutions that would eliminate knee-jerk decisions and too many hours working late at night.
Stressors
In the absence of systematised financial management frameworks and reporting, numerous matters inevitably cause stress: inaccuracies in financial records; poor access to key information; critical processes that are sporadic rather than consistent; team members without direction (or essential skills); and an overall approach that seems reactive and hit-and-miss. If you’re feeling stressed, you’re probably feeling tired as well, and it’s likely that both of these will spread to your staff. What’s more, you’ll have little confidence and even less clarity in the financial affairs that underpin your business’s productivity and profitability.
Solutions
In my experience, a helpful first step is to take stock and find answers to the important cause-and-effect questions that impact on outcomes. The following questions provide the framework for our consultations with business owners. It is a staged process that strives to achieve clarity that will enhance and improve decision-making around financial management and reporting. From there, it’s possible to implement consistent and streamlined operating systems for your team which underpins the success of your business.
A framework for consultation
- What financial information do you most need to help you achieve your business objectives?
- What are your current financial management resources (software and team members) and how are they being utilised?
- Do your team members need training and/or do you need to recruit?
- Do you have in place accurate and reliable processes for your financial systems (accounting, invoicing, accounts receivable and payable, timesheets and payslips etc.)?
- Is your current reporting relevant, regular and consistent and does it provide a detailed overview of the financial operation of your business?
To discuss these and any other questions about bookkeeping services, financial management efficiency and systems for your business, please contact Efficiency Partners by emailing admin@efficiencypartners.com.au or calling 1300 77 69 56.
