Value of up-to-date management Information

Many challenges have been thrown up to businesses during the Covid-19 crisis and keeping an eye on up-to-date financial performance and management information has never been so important.

RNS Chartered Accountants has helped a host of clients manage their way through lockdown. Its impact will be felt long term, said manager Sarah Foster.

“The furlough scheme and the Coronavirus Business Interruption Loan have grabbed the headlines and we have been supporting businesses with both,” said Sarah.

“Other measures the Government has put in place may not have as high a profile but the implications for clients will be felt for a long time.

“Some took advantage of the scheme to defer VAT payments.

“Those missed payments will need to be paid in the new year. Cancelled direct debits will need to be reinstated. HMRC will not do this – the emphasis is very much on the business.

“We can help with cashflow management and forecasts to help ensure those additional VAT payments do not create another crisis in the new year.

“Preparing up-to-date financial and management information has always been important (even during normal times), however the value of this information for businesses and their owners can be immense during changing business conditions.”

Sarah commented: “A large proportion of my time is spent liaising with clients both monthly and quarterly.

“Each client needs slightly different financial and management information depending upon the key aspects of their business they need to monitor which I help with.”

Partner Rob Smith spends time each month or quarter with Sarah and RNS clients reviewing their management information.

“Clients welcome the regular interaction. For them, the fact that the information is so fresh and timely allows them to exploit opportunities, or adapt quickly to solve problems they can see developing,” said Rob.

Sarah enthused: “Clients welcome the structure and the routine regular meetings and information created.

“Sitting down and setting a budget and forecast each year, and then measuring performance against the forecast, certainly starts to motivate owners and key management staff within a business.

“We're here to help and support businesses through what are turbulent times, and better financial and management information is an important starting point.”

If you would like to explore the opportunities for improved and regular management and financial information, please get in touch with your usual RNS contact.

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