When you are asked for your financial information, most business owners think TAX, which is very pertinent at the moment, since there was a tax deadline at the end of January and there is a provisional tax deadline coming up at the end of February.
But financial information shouldn’t only make you think about your taxes and complying with SARS’s requirements. There are so many other important reasons to understand the finances of your business. If you’ve ever watched an episode of Dragon’s Den, you’ll know that Peter Jones always wants to know the numbers of the business, and it is fatal if the business owner doesn’t have the right information at their finger-tips!
You might not be entering Dragon’s Den any time soon but it is still important to know your numbers; what your turnover is so far and in the last month, what profit you’re making, which are your most successful products, who are your worst paying customers.
As creative entrepreneurs, we often shy away from the numbers, but the information tells a picture and sometimes a picture (or graph) can tell the story. We are using graphs more and more when communicating financial information to clients, as it is easy to see what happened and where you are going, without engaging with the numbers.
If you are not getting a clear picture of your accounting system and financial reports, give us a call and we’ll use the numbers to help you tell your story.