Premium Virtual Financial Management

While you get access to our entire team, your investment in the Premium package gives you access to a dedicated Client Manager (non-partner level). This means you have a single point of contact. 

 The real power of a cloud accounting system is having important management information on hand. Information such as, who owes you money, what your sales this month and whether or not you are making a profit.  As part of our Virtual Financial Management service we will help you set up the key reports you need so that the most important information is always a click away. Having your finger on the pulse of your business is critical for making the right business decisions. You need to know the key numbers. For a period of your choosing we will supply you with:

• A view of your reconciled account summary that will include a year to date total for each category of income and expense, and most importantly, your profit for the year to date.
• An accounts receivable report showing you exactly how much money your customers owe you and how long those debts have been outstanding. This report will help you to keep on top of your accounts receivable and put more cash into your bank account.
• An accounts payable report showing you how much money you owe to your suppliers. 
• Your profit for the month together with comparisons against previous months, which means you see at a glance if your business is heading in the right direction.
• A detailed breakdown of each category of sales and expenses together with the corresponding figures for previous months so you can see at a glance the key trends in your sales and your costs.

Managing costs for any business is so important.  We will work with you to identify the most critical costs in your business (for many business owners these include people costs, travel expenses and marketing spend).

Once we have agreed which are your most critical costs to keep under control we will monitor them on your behalf. And whenever we notice a sudden change we will contact you so you are immediately aware. As part of this service we will also advise you on how to keep costs under control.

Cash is so important.  A key part of cash management is keeping control of debtors (i.e. the amounts of money you are owed by your customers). One of the most important financial ratios is called accounts receivable days. It’s a number you should measure and monitor. We will monitor this for you and if we see a substantial change in the wrong direction we will give you a call to make sure you are aware and offer suggestions for getting this key ratio back under control.

One of the big benefits of a cloud accounting system is the ability to keep on top of your cash and bank balances, on top of your accounts receivable (i.e. who owes you money) and get paid easier. There are now so many easy ways to manage accounts receivable and get paid automatically (e.g. online payments and recurring automated payments) and so many ways to integrate this into your system.

Our Enhanced credit control service will identify all the options available to your business to help you get paid quicker and have more money in your bank account. We will also review outstanding invoices with you, advise on your terms and conditions of business, advise on your options for recovering outstanding accounts receivable, consider the need for write-offs and bad debt provisions and advise on alternative payment options.

This service will help put more money into your bank account.

Accruals are adjustments for revenues that have been earned but are not yet recorded in your accounting records and expenses that have been incurred but are not yet recorded in the accounts.  Prepayments are when you have paid for something that relates to a later period.

Accruals and prepayments need to be added via adjusting journal entries so that the financial statements report these amounts.

Why is this important?

If you do not adjust for accruals and prepayments your income, expenses and profit for any given period will be distorted and inaccurate. 

Here is an example…

If your rent is paid quarterly, you have a big expense in your account for the first month, bu then no charge in the second and third month. We need to spread this cost equally across each of the three months to get a true and accurate picture.

At a frequency of your choosing we will have a 60-minute meeting to review your numbers. In this business review meeting we will discuss your latest management information and how you can use the numbers to keep your business going in the right direction.