You need up to date and accurate information to make the correct decisions within the management of your business.
One of the hurdles to this, is the delay in management information. This is usually due to month end processes not being efficient and being performed within a short enough time frame.
Points to ponder:
- Do you know what information gathering processes cause delays in your month end?
- Is your information updated regularly (preferably daily) during the month?
- Do you and your staff prioritise month end processes to finalise timeously?
- Have you considered moving your management accounts reporting date to an alternative date which is not on month end?
- Once month end processes are finalised, can you obtain your management information at the press of a button?
No two businesses are the same, you therefore need to consider what will work for your business, but you need to make sure recurring problems are addressed at the source and eliminated.
Contact us for a consultation at firstname.lastname@example.org or 021 879 3100