Issues Identified: Clarity needed on business performance during the growth phase
Reporting Method: Quarterly accounts, comparing to forecast results
Our client had been experiencing a gradual growth curve for several years, making sensible and well thought through decisions along the way.
However, they were reaching a stage where those decisions would have a much more significant financial impact. For example, could they afford another employee? Could they afford a move to bigger premises?
It became clear through conversation that the business needed a mechanism of forecasting their business performance to be able to fully understand those “what if” scenarios that they had under consideration.
As a result, we now do a full forecast for the upcoming accounting period. We then prepare quarterly accounts and measure that performance against what was forecast, reviewing and analysing any unexpected deviations from expectations. It also gives the owner an ongoing position on their likely corporation tax liability, meaning there will be no surprises when it comes to year-end.
Our client is delighted with the outcome
“We have enjoyed an excellent working relationship with Kevin & the Sheards team from day one of the founding of Go Shred. Their help goes far beyond an accounting service, with them now looking after our payroll, Wealth Management and, most recently, their help with forecasting for future growth. Kevin has proved a valuable asset to us in planning the company’s financial focus & direction.”