This free, interactive tool is designed to assist business decision makers in evaluating and improving the quality of their Management Information (MI).
The purpose of management information is to inform and support the decision-makers of a business, allowing them to make better decisions, build more robust plans, and ultimately drive growth and efficiency. Good management information provides useful, actionable insights in a digestible format. Without strong MI, a business is flying blind.
MI can range from the basic to the complex, and can look both forward into the future, and back over previous reporting periods.
Management information is only beneficial if used well. It will exist for any business that is active but, if not used, it has no real purpose or benefit. Our team has produced a number of helpful blogs on this topic, which you can read using the link below.
This blog will introduce profit and loss accounts, provide examples, and explain what you need to know about this key component of business accounting and financial reporting. Profit and loss accounts – Key facts Profit and loss accounts summarise a business’s revenues, costs of sale, and expenses during a specified period. Along with a balance sheet and cash flow statement, it is one of three financial statements typically issued monthly, quarterly or annually. Profit and loss accounts help businesses assess financial health and make better budgeting, pricing and efficiency decisions. Profit and loss accounts are also essential for financial reporting, tax compliance and securing investment/finance. What are profit and loss accounts? Profit and loss accounts (P&L), also known as income statements, are financial reports for businesses. They provide a snapshot of economic performance for a specific period, typically a financial year or a quarter or month end.
Key Performance Indicators (KPIs) in business are quantifiable metrics that track and measure the success of operations. They provide a clear picture of how effectively it is performing against its objectives in specific areas. How do businesses prove they have succeeded? The key to answering this is to define success. To do this, you need clear, well-defined, and measurable targets known as Key Performance Indicators (KPIs). This blog will outline the meaning of KPIs and provide examples and tips to implement, track and measure them.
A Finance Director (FD) brings essential skills and knowledge to a business, from financial planning and analysis to cash flow management and regulatory compliance. However, employing a full-time FD with the right skills and knowledge may not be feasible, especially if you are a smaller organisation with a tight budget.