For most of our clients we produce management accounts with a variety of analysis, either on a monthly or quarterly basis. For our clients with various income streams, this breaks down the performance of each and can include variance to budget, debt reviews, top customer spend, top performing products etc. We often report these to management as part of monthly/quarterly meetings.
The old favourite 'Cash is King' has maybe never been so true. Whether your business is going through a lean time or has ambitious growth plans we see the benefits a strong cashflow forecast has. This can help provide reassurance that all your commitments are covered or conversely privide the prompt if any action needs to be taken to cover the all important month end wage bill.
Forecasts are produced and maintained in conjunction with business owners to ensure all 'live time' trading information is covered and any upcoming up/downturns such as for seasonal businesses are taken account of.
This can be used to formalise plans for the upcoming financial year and also lay down a 3-5 year plan for growth. By seeking all department heads input, which products to push, any new staffing required, any upcoming capital expenditure spend, this can be a very productive way to thrash out what we expect to achieve in the coming year but also a performance indicator to measure against during the year.
In our experience, we find not many companies feel they need one, until they embrace it then never look back!