The controllership program brings this all together. It is like having a professional accountant at your side at all times, but one you only pay when you need them.
I am a great believer in dashboard management. As a company owner you do not need to see the detail of your business on a day-to-day basis. You have a big picture role. What you need to know is if your business is performing as you want. However, you need to know if anything is starting to go wrong. You need to know as early as possible so that you can react quickly. I sit down with business owners and managers and discuss their plans and objectives. As a result of the discussion we identify the key success factors (KSF) for the business and the way these can be monitored. These are called key performance indicators (KPI). These may be straightforward numbers like order intake, order conversion, sales and profit margins. They may be customer or staff retention. They may be liquidity or solvency rations that indicate the business’ ability to keep trading and meet its growth requirements. The company’s cash flow is always important and needs to be monitored With these numbers identified I make sure your accounting system can produce this information for you and make whatever recommendations are necessary. Usually I am able to make whatever modifications are needed and train your people accordingly. I also schedule a review of the accounting records on a regular basis. I will check that the bank statements are reconciled, taxes are correctly calculated and up to date, and there are no obvious errors in the system. I also make myself available to answer your staff’s accounting and tax questions on an as and when needed basis, usually at no extra charge. This review is followed up with a meeting with you. The meeting can be at your premises, our office, by ‘phone, or at a quiet neutral location. We review the KPIs and discuss any issues that arise. This is also a perfect opportunity to review your progress towards your business objectives and to tweak your business, accounting and tax planning to make sure it all happens. The fee for this service will depend on the work required and the frequency of meetings and is typically billed monthly or quarterly. The fee also includes preparation of the company’s financial statements and tax return and the preparation of the owner’s personal tax returns. By combining these functions in a single fee the controllership program offers excellent value for money. |