Making the most of your wealth: management information

If you’re like many pub landlords and managers the last think you want to be doing is spending your time working on your financial records. That said, you will need key data from those records to enable you to take informed management decisions and make the most of your business’ profits.

You therefore need an easy to use financial recording system that is structured so that you have the information you need at your fingertips, as well as providing all of the compliance reports, such as VAT returns and so on.

The good news is that there are modern, cost-effective ways to improve both efficiency and the quality of the management information available from your financial records.

No two businesses, or their managements, are the same. There is therefore no “one size fits all” solution. That is why, at Milsted Langdon, we offer a free, in-depth review of your financial recording and reporting systems and advise you on options – like accounting in the cloud – that can keep your work and costs to a minimum and give you fast, easy access to the financial information of most use to you.

Did you know that accounting in the cloud (An internet-based way of working that is particularly useful if you are presently using manual or spreadsheet-based accounting systems or having difficulties with existing accounting software.) benefits include:

  • no up-front software costs – you pay a low monthly subscription;
  • no software updates to worry about;
  • a flexible accounts structure that gives you the management information most useful to you, presented in the way you want to see it, on a real time basis;
  • your accountant and/or a professional bookkeeper can also have access, so they can keep your records under review or you can view them at the same time;
  • you can log in to your records anywhere with internet access, you don’t even need a computer;
  • much of the compliance work, like preparing the periodic VAT return and submitting it online, can be done by pressing a button; and
  • the year end work needed to prepare annual tax accounts can be significantly reduced, which should have a knock-on effect on the level of your accountancy fees.

You can also take matters a step further by outsourcing all, or parts, of your financial and accounting work. By doing so you free up your own time to enable you to spend it more profitably working on your business and there is the added advantage of quality, reliable data for you to use in taking those vital management decisions.

If you would like a free review of you current financial systems or more information about accounting in the cloud, outsourcing or any other accountancy related matter, please get in touch – I’d be delighted to hear from you.

Posted in Misc.