When looking at the bottom line there is more than just a balance sheet or profit and loss report. If data is missing or if things are improperly categorized it can lead to bad decisions being made on bad data. It’s not as unusual as you might think; in fact it’s much more common than you would suspect.
Another frequent challenge is the financial chaos created by rapid growth. It’s not uncommon for increasing revenues to result in decreasing profitability. It’s even more common for companies to suddenly experience cash shortages.
The key element in the Grow your Bottom Line workshop is not just to make sure that everything is setup correctly. It is also the art of reading and understanding what the reports are telling you: that the loss in your reports could really be a profit, and the profit could really be a loss; that your equity can mean multiple things and can tell a different story based on who is reading it for what purpose. They say numbers don’t lie, but they can certainly be misconstrued or misunderstood.
Through the Grow your Bottom Line workshop we help you understand how to accurately read and translate reports, work with you to understand what reports you need to pay attention to, and assist you to identify the data relevant to your needs. Once you have a better understanding of the numbers you will discover a useful tool for decision making.
Our consultants at RedKnight work with your staff to customize your financial software as well as setting up customized reports executives need. We will also work with them to make sure that your files are correctly setup and that data is being entered correctly. In addition, your staff will learn to use your financial system effectively so process issues don’t arise from inexperience with the software.
Your staff will also learn about cash flow and get a deeper understanding of the numbers that are in the system they are using. By making sure those who work with the numbers also understand them, you create a secondary layer of protection that helps prevent errors and make sure the financial goals of the business are on track.
By working with us, you will understand how to achieve the profit result you are looking for with customized strategies based on your actual data.
“Many small businesses would rather face an angry barbarian horde than tackle their cash flow statement or price a new product.”