Relieving the Year End headache
I was very interested to read an article today on an Accounting web newswire by Guest Practice editor Mark Lee about ‘How Accountants can help SMEs through the recession’ and one of the points made was that an Accountant can spend hours doing recociliations and adjustments at the year end in order to ensure valid figures.
Mark suggests that one of the solutions could be a part time FD who controls the financial data of the organisation on a regular basis. An online system such as e-conomic would be of great benefit not only to these businesses so that their accountant could check the validity of their data on a more timely basis even approving some entries before they are posted, but also that the part time FD could work on the same system for a variety of clients by using e-conomic’s Administrator module.
The Administrator module allows you to see all of your clients in one place and set controls to prevent the headaches of year end corrections. The accountant, FD and the company all have access immediately to the most up to date information.
If you are an Accounting Practice or FD service and are interested in finding out what e-conomic could do to help you and your clients through their year end, please contact us on 08456 800471 or go to our website and take a free trial.
Posted by Kirsten Bjornsbo
As Mike Southon the Beermat Entrepreneur is fond of pointing out, there is a big difference between a FD and an accountant. A good FD will help you steer the business on a profitable course, whereas an accountant waits until year end to tell you that you are bust.
If there are any good FD services out there who will perform the former role, at a reasonable cost and via e-conomic, I would like to hear from them!
Thanks for picking up on this story. I’m indebted to David Lewis of Camrose consulting for much of the content including the point attributed to me above.
By coincidence my eye was taken earlier today by e-conomic’s full page advert inside the front cover of an ICAEW IT Faculty publication about Online Accounting Software. Small world!
I am a big believer in the part time finance director approach for small businesses who are growing – or bigger businesses who are getting smaller.
Decisions need to be made on facts and too many business owners I talk to have inadequate performance measurement systems in place to tell them what is happening – so that means they don’t know – just guess.