Optimum Financial Systems & Processes

The most important factor in the long term success of your business is financial clarity. 

Without it, you’ll never fulfil your financial potential.

But you’ll never achieve it with the wrong systems. 

It used to be a big deal to have online instead of offline systems. But most experts I speak to these days are using Xero, Quickbooks Online or SAGE Online with some form of receipt management tool.

They think this means they’ve ticked the “systems” box.

However 99% aren’t set up correctly and end up being a burden, taking up way too much time and not giving the accurate, timely information the business owner needs.

Lots of experts are still doing their own bookkeeping - and tinkering around in Xero daily!

Good systems keep you in your genius zone

As a chartered accountant, I wouldn’t try to do what you do best. So why are you taking precious time away from serving your clients to reconcile transactions in Xero?

Wake up! And get back in your genius zone. 

As a business owner, your time should be spent on high-value activities: planning, leading your team, creating content, innovating your service and products. Not on learning a new skill (and executing it poorly).

4 signs of a sound financial system

1. have online accounting (ideally Xero), and the ability to automatically recognise sales income from your payment platform - like Stripe into Xero - without any manual work. Using things like Zapier to connect the platforms.

2. be able to snap a picture of a receipt on the beach in Dubai and have it appear in your accounts minutes later, currency converted, categorised and all done without any human input.

3. financial performance dashboards to tell you what's happening in your business at any given moment so you can make decisions.

4. have weekly bookkeeping done by a qualified accountant so your numbers will be up to date and you can run reports on key figures:

• Cash flow
• Performance versus goals
• Budgeting (under or over spend)
• Return on investment of team, marketing activities
• Sales growth
• Identify risks or opportunities
• And way more

If your financial systems don’t include these four crucial elements, you are missing out bigtime. It’s like trying to play a sport without a scoreboard. 

Accounting is the language of business. If you don’t have the right systems you can’t understand what your business is saying to you.

Book a free 1-2-1 call and we can talk about your financial systems and processes.