Financial Statements, Key Performance Indicators and Benchmarking.
Financial statements are a formal record of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form easy to understand. When we prepare a set of financials for our clients, we not only analyse them to ensure the business is performing in a manner expected against its industry and peers but also to raise any concerns or opportunities which may be present. Your financials are benchmarked against previous financial quarters where appropriate or prior year’s data which can also identify potential concerns or points of discussion for improvement. This also helps identify trends that clients may be unaware of. For clients that provide their accounts to us on a quarterly or monthly basis, we are able to identify issues or opportunities sooner rather than at year end and mitigate any problems before they trend for too long.
Key Performance Indicators
Key Performance Indicators (KPI) form an important part of the information required to determine and explain how a company progresses towards its business and marketing goals. In a nutshell, these indicators are quantifiable measures businesses use to determine how well they meet their set operational and strategic goals. They help a business define and measure progress towards achieving objectives or critical success factors.
Benchmarking is another critical component of ensuring you are progressing in the right direction. Simply stated, benchmarks are the “what,” and benchmarking is the “how,” of the process. Benchmarking without the right tools is not a simple process. We can benchmark your business, which is a systematic process for comparing performance or processes with industry averages and in some cases similar businesses. These benchmarks are key to minimise potential ATO audit activity and although every business is different in some way, shape or form, they provide an overall look at where you sit and can raise potential improvement opportunities, reduce costs or identify potential savings.
When making use of benchmarking, a company should not limit the scope to its own industry, nor should benchmarking be a one-time event for best results. We look to capture data from alike industries, as diversification and evolution is important and you may find insights there.
With our extensive knowledge and expertise, we can help you. Arrange your free no obligation meeting.