Small business help: What the numbers actually mean
Posted 3 Sep '15
Posted 3 Sep '15
An Accountants greatest tool in their toolbox is the numbers.
Our profession is based on compiling transactions, by following a set of rules, which gives us a report that tells us a very important story. Our schooling is based on understanding this concept and then applying it to real life situations. Day by day, we do this. As a hairdresser cuts hair and a mechanic fixes cars, we as Accountants look at numbers.
As a result of nature, what can happen is Accountants will start talking to their clients with the assumption that they have the same level of understanding of the numbers as they do. Over time, what may happen is that the client isn’t entirely sure what that means but they think “he doesn’t look tooo concerned, must mean I am doing something right, he hasn’t said ‘that’s bad’ and he did say before ‘it’ll be right’ so I’ll just nod and smile and hopefully he will stop talking soon so I can get the hell outta here…”
We have a few thangs we like to work with our clients on at Empire Accountants; one of the most important is looking at their numbers together and ensuring those peeps in your business that need to understand the numbers, actually do…!
We know that sometimes the verbal can get lost within a meeting so we have been working on a wee little glossary of definitions of the top ratios, figures and numbers to use as a quick go to guide if need be!
Having a greater understanding of the numbers that drive your business will help you to make more informed decisions and play a huge role in
determining your long term success.
Hopefully this makes a bit more cents, I mean sense about your numbers. However if you would like to discuss your business numbers in more detail please dial this number! 07 3117 3736 and we will be more than happy to help you out!
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