Giving thanks for up-to-date financials

Your financial data is a goldmine of potential insights when you're running a business and need hard evidence to back up your decisions.

And as we pointed out in our last blog, it's vital that your business isn't based on 'messy financials'. What you need are organized, structured and flexible accounts that give the financial information you need to run your business.

The more current and the more 'real time' these numbers are, the more informed you are about your business health and the better your decision-making will be. And that's why so many businesses are moving over to modern cloud-based accounting platforms that can deliver this vision of 'real-time numbers' and up-to-date financials.

Why do I need real-time numbers?

Cloud accounting software, like QuickBooks, makes your bookkeeping and financial processes so efficient and timely that you can begin to work with truly real-time numbers. Instead of looking at historic accounts that are weeks, or possibly months, out of date you can see a 100% current view of your financial numbers.

Why is that important?

When you have real-time information, you're able to create and change strategies easily. You know the current status of your financials, you can see the patterns and trends and you can make informed decisions, or change your strategic direction. In essence, by improving your overview, real-time numbers give you HUGE amounts of flexibility and agility as a business.

For example, your plans for the business may include aspirations to grow or to move to bigger office space. With real-time information available regarding your sales, cash-flow situation and available capital, you can see if there will be enough cash in the bank to achieve these goals. Having these up-to-date financials makes growth and expansion easier and improves the timescales needed to implement the changes.

A better view of business performance

This up-to-date view of your financials is a huge benefit when it comes to measuring the overall performance of your business.

If you're losing money, with real-time data you can look at your margins, review your costs and make the changes needed to get you back on track. Having current numbers enables you to act fast and embrace change, which in turns helps the business to survive and grow over time.

And real-time information isn't just great for you, as the business owner. It's also an excellent resource for your accountant and business advisers.

By accessing your real-time data in the cloud, we're able to give you strong, clear advice based on how your financials are looking. We can look for the possible hurdles, spot the opportunities and help you make strategic decisions that keep you in complete control of the business. And with this real-time support and guidance, you're able to steadily grow through step changes.

Remove those nasty surprises

At Nimbus, we're all about proactively helping your business, at every opportunity. And a cloud-based system that supplies real-time information allows us to guide you and advise you incredibly effectively.

Even if we've not sat down with you face-to-face, we can still access your numbers and flag where there may be positive or negative issues. That speed and clarity means we can show you precisely where changes are needed, and how they'll impact the business. For example, if your numbers show a trend for increasing costs and overspending, we can help you identify the problem and where you may be able broker a deal with your suppliers.

What real-time data does is help to eliminate those nasty business surprises.

  • Tax planning – you can see the financial landscape of the business, helping with tax estimation and helping to eliminate tax penalties.
  • Reporting and forecasting – you get clear reporting and forecasting to work with, allowing you to plan for change, as opposed to having change forced upon you.
  • Meet your goals – with the best possible view of your numbers, you can plan to succeed and grow, with solid budgets, reporting and metrics in place – giving you the strength to overcome any unexpected obstacles.

As the old saying goes, 'If you fail to plan then plan to fail'. And with up-to-date financials and real-time information your planning is more effective, relevant and proactive – keeping your business on the road to success.

Get in touch with us and let's have a chat about moving to real-time business numbers.


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