| Management Reporting service provides the business owner with uncanny insight into his business activity and profitability, with information presenting immediate utilization of opportunities and solutions to financial planning... |
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| Management Reporting service provides the business owner with uncanny insight into his business activity and profitability, with information presenting immediate utilization of opportunities and solutions to financial planning... |
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Financial Management Reporting: Back office services for Long Island and New York
During this review negative trends are spotted and nipped in the bud. Similarly, positive trends can be identified and taken advantage of. Perhaps best of all, you do NOT need to change your accountant or CPA in order to use this service. Our Management Reporting is simply an additional service for obtaining accurate information for you to help make correct decisions much easier. Management Reporting focuses on keeping the business owner abreast of the SEVEN KEY REPORTS that open up an accurate view on financial control for you. Note that this Management Reporting is an ongoing service, the frequency of financial reporting being one month usually but the schedule can be amended. The important part of Management Reporting is that we explain each point in detail and go over these with you until you can obtain the full benefits of this financial information service so that you know how to find facts and figures for your decisions at a GLIMPSE. Becoming proficient in obtaining key information out of these seven key reports is much easier than it might seem and within a very short time you'll find your ability to acquire vital information from these reports greatly increased. Financial Management Reporting will tremendously enhance your skill to plan finances and apply your attention to the most profitable points of your business. Let's go through these seven key financial reports in brief. Note that these seven points are not listed in any order of preference or importance as each forms a piece of the puzzle whose overall information IS the solution in itself to all decisions financial in a business venture.
1. Unpaid Bills, Accounts Payable Aging
Balancing your income with outgo is always a challenge, but with accurate information, you can make informed decisions and optimize your financial flows to your advantage. Seeing it in writing along with the other key reports will make it much easier to do your financial planning and spend your dollars where they count most.
2. Unpaid Invoices, Accounts Receivable Aging
It specifies on the 30-60-90-day division when you can expect money and how much. It also states all customers whose payments are overdue and informs you the sums and how long these have been overdue. Reporting the various angles of accounts receivable in clear and concise form to you will help you to obtain a working understanding of the situation within seconds. You will know things are under control and receive precise information on which to base decisions about your finances and the general running of your company. These reports can be issued weekly or monthly as needed by the company. Weekly is usually best. It is vital to be kept informed of your near-future income in this way as that will be the foundation of your financial planning. Your Unpaid Invoices Key Report provides the information needed to collect overdue invoices and keep current ones Your Accounts Receivable Aging Key Report provides you with a snapshot of how well your money is being collected. It shows you which invoices are current (owed less than 30 days), 60 days or 90 days overdue. Over time it reveals the good payers, those who regularly remain in the 30-day category. Equally, it will uncover the bad payers, those who fall into the over-60-day category consistently.
3. Profit & Loss (Income Statement)
In other words, the Profit & Loss key report gives you detailed information on your sales, expenses and the resulting profits or losses. It lists your assets (what you own) against your liabilities (what you owe), giving a fair picture of your equity (what's left over or the difference between the two). Excellent information if received frequently as it allows you to utilize any windows of opportunity (something suddenly selling better or at a higher profit) and equally instantly countermand any cut in profits or sales. Essentially, problems are small when they're born, so the quicker any problem is found, the easier (and cheaper) it is to correct it. Equally, any uptrend is a window of opportunity which has a limited period of utilization... and with this key report you can find it immediately and strengthen that which produced more sales and profits.
4. Balance Sheet
It also shows the trend and you'll be able to follow the growth of your equity. Knowledge is power in financial planning. Knowing your
financial position will influence your finance and planning,
ensuring decisions made work for your benefit without overextending
your assets or capital.
5. Cash Flow Projection Report
This outgo is then matched against the monies you can expect to come to your bank account in the corresponding time periods. Cash Flow Projection Report provides you with absolutely essential data for financial planning. It is also extremely useful when planning any form of investment to your company.
6. Sales Reports
Who is buying the most? It's a well known principle of business that only 20% of your customers contribute to 80% of your bottom line but which customers are they? Which items or services are selling best... and which worst? Which items and/or customers bring the best profits? Who are the good customers, who average... and which ones are the worst customers? Essential key information on which your sales, profits, cashflow and financial planning can be improved continuously.
7. Job Cost Report
The Job Cost Key Report itemizes how much was spent on each job, or the costs of selling each category of product. It gives you the details what the money was spent on and explains all the details of the assignment. If the job is an actual larger project, then it would come under the realm of Project Accounting, which involves the assigning & tracking of costs (labor and materials) and revenues(job selling price / payments received) to a particular job such as building a house or a project like building an apartment complex.
Benefits of using the Management Reporting services of Bookkeepers Plus Inc.
Our aim with the Management Reporting service is to become your loyal assistant in coaching you into a high degree of insight with these reports. We do this by demonstrating with practical examples how to use the key reports to gain hands-on knowhow on planning your finances as a part of your everyday job. We speak plain English and explain all financial terminology and accounting jargon. We understand that you are not an accounting professional but an expert of YOUR area of specialization. We realize fully it is our job to explain these things in a way that makes it understandable. We accept the responsibility of ensuring you can UTILIZE these reports so that you factually gain the advantage that this data will provide for you in running your business in today's competitive marketplace. The benefit of Management Reporting is clear-cut and simple: It will enable you to control, run and expand your business like no other financial service ever could, because you will measure and monitor all key financial figures of your monetary transactions and business activity, thus making it easy to MANAGE those functions. In the final analysis, what you monitor and manage, you can improve. As part of this financial service, we will stand by to render assistance and provide practical consultation to every aspect of your financial planning. It is also good to know that using our Financial Management Reporting services does NOT require you to change your accountant or CPA.
Contact Bookkeepers Plus Inc. to hear what we could do for you with our Management Reporting service
You can contact me directly or, if you're convinced that outsourcing might be the solution, use our quote form to receive an estimate of cost and benefits of outsourcing Financial Management Reporting functions to us. No change of status is needed in relation to your current accountant or CPA as the Management Reporting is an additional service whose goal is to help you manage your business. If you have a specific problem with any aspect of financial control then why not give us a challenge and receive free advice on how we would solve the problem? Thank you for your interest, and please remember we offer a free Outsourcing Report to business owners in Long Island and New York.
Best wishes, Elizabeth Marasco,
MBA |
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| — Outsourcing articles & services — | |||||||||||||||||
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Outsourcing Report Subscribe to this free report on the benefits of outsourcing back office functions and you'll learn how to lower risks while concentrating more on those activities that produce profit! |
Comparing outsourcing with in-house solutions
Read which activities benefit from outsourcing and what to look out for in outsourced solutions. |
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Outsourced bookkeeping
If so, read this article about outsourcing your bookkeeping and what that can bring you in terms of benefits... |
Give Bookkeepers Plus a challenge! An easy way for business owners to get first-hand experience on our services. Give us a challenge and we'll tell you how we would solve it... free! Give us a challenge involving outsourcing of accounting services... |
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Learn how easily one can make mistake in the setup of QuickBooks — and how simple it is to fix these in your accounting software! Use an expert's help in training & support for your QuickBooks accounting software and procedures. |
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| Different functions of bookkeeping — read to see what you can benefit: | ||
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Billing & Accounts Receivable Explained in understandable form what is included in accounts receivable and what you need to look out for in this area. |
Accounts Payable & Cashflow / credit What functions are included and how do these influence your finances and credit rating — and how do you speed up the cashflow? Learn the importance of accuracy in accounts payable for your activity! |
Purchasing & Inventory -controlling cost Keeping accurate record on purchasing and inventory allows for optimizing of your stock and investment while minimizing downtime. Read what outsourcing the purchasing & inventory functions can benefit you! |
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Banking routines This area of bookkeeping frees up a lot of your time while ensuring your funds arrive promptly and securely. Read what benefits you receive by outsourcing the banking duties to an accounting professional. |
Cash Management How would you like to be free from constant worry and checking of your cashflow and receive some control and prediction to finances? How cash management can increase your financial control and prediction. |
Payroll outsourcing Calculating salaries is the most time-consuming of all activities. Outsourcing your payroll you gain accuracy at lower cost than handling it in-house. |
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Financial Management Reporting The absolute jewel of services, ensuring that you gradually gain full control over financial planning in your company. Management Reporting teaches you to plan finances hands-on with accuracy and profits! |
Project Accounting An essential service if you have larger jobs or projects coming up which you want to keep under tight financial control. Quality service giving greater financial control. Project Accounting - how to keep the budget and finances of any larger job or project under control! |
Taxes and preparing books for your CPA Why not save some 50% off this part of your accounting by letting our bookkeepers prepare taxes and books for your accountant / CPA? Save money and headaches by... ...outsourcing tax work and preparation of books for accountant's review. |
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Useful articles for LI business owners This page contains articles by Elizabeth Marasco on various subjects relating to taxation, finance, accounting, bookkeeping and other important issues. Read Elizabeth Marasco's articles on taxation and accounting in Long Island and New York |
Bookkeepers Plus Virtual Assistant Don't need a full-time secretary or can't afford one? Then the solution is the Bookkeepers Plus Virtual Assistant - you pay only for the work we performed at the quality requested! Bookkeepers Plus Virtual Assistant - secretarial work without the cost. |
Human Resources Outsource the tasks involved in Human Resources: Workers Comp, insurance, retirement plans, leave maintenance, recruitment, personnel policies, resolving disputes, etc. and save money and time! Human Resources support services: Workers Comp, Retirement Plans, Recruitment, disputes... |
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Other Credits and Collections actions These tasks are not very spectacular if done accurately and correct. But if you forget then many unnecessary problems can arise from... ...Petty Cash , Employee Reimbursements, Business Expenses, and Vehicle Mileage tracking |
Bookkeepers Plus Office Software Application Training Read how businesses throw away thousands of dollars monthly... and how you can make sure you don't... and secure it for free! Bookkeepers Plus Office Software Application Training & Consulting |
Sales Tax Keeping accurate record on your sales tax and filing in time is not exciting and thus it suits outsourcing well. Save money while avoiding all problems due to delays or mistakes... See the savings and benefits available from outsourcing your sales tax routines! |
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Getting the most out of your QuickBooks? Participate in this survey to find out! Want to see if you are receiving the true benefits from your QuickBooks software... or check if it could help you more than currently? Take this online survey on QuickBooks to find out... and receive a free initial phone consultation! |
About Bookkeepers Plus Inc. Introducing Bookeepers Plus Inc. — the outsourcing expert for businesses in Long Island NY. |
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Management
Reporting is a so-called Monthly Financial Consulting service
(MFC), so named because once a month you will have a accounting
professional sit down with you and review where your company
is at, where it can go.
These key financial reports
tell you who you owe and when each payment is due as well as
showing you payments that are overdue.
This key report gives up-to-date
data on who owes you money and when you can expect to get it
into your bank account.
This key
financial report summarizes how much money you made (sales),
where you made it, how much it took to make it (expenses) and
what you got left over (profit) from it... or not (loss).
This reports how much you own
and owe. It lists your assets against your liabilities, giving
a fair picture of your equity.
This Key Report keeps you updated
on what you owe and can expect to collect in the near future.
This key report gives you detailed information
on your sales, explaining the "what, who and how" of
your sales flows.
The key to financial control and profitability
lies in knowing not only what was earned but what was spent on
earning the income you made.
Adding
Management Reporting to your systems is simple and requires no
changes in your arrangements with your accountant or CPA.
Financial
Management Reporting is just one part of the quality services
which our back office outsourcing solutions offer businesses
in Long Island and New York.
What
do you stand to GAIN by outsourcing select back office activities...
and how do you know which ones to outsource and which not? This
interesting article explains the pros and cons of outsourcing
and offers a make-sense tool for finding the activities whose
outsourcing brings the biggest profits and benefits.
Want
more accurate bookkeeping with timely delivery and without any
problems brought to you about it?