Magic Management Accounts - Knowing Your Business Numbers #8

Join us in an enlightening episode of the Profit Cash Growth Podcast, where in the news we dissect the success behind the UK multi-channel retail titan, Next PLC. Uncover their growth strategies, acquisitions, and prolific online approach that are projected to propel them past the £1 billion annual profit margin. Discover how this influential retail multinational leverages the strength of numbers innovatively and effectively.

In this week's deep dive, we journey into the underrated cornerstone of any successful business - management accounts. Co-host and chartered management accountant, Claire, shares her knowledge by explaining the what, why, and how of management accounts. Grasp the nuanced differences between management accounts and annual accounts, the magic of customisation, and their role in providing businesses with highly intuitive cost and revenue analytics.

We also provide a comprehensive guide on customizing management accounts to suit the needs of your business, irrespective of whether you utilise QuickBooks, Xero, or Sage. Determine if a bookkeeper or a chartered management accountant would best serve your business customisation needs. Delve into understanding your cash flow, P&L, and KPI reports, and how these reports can direct your focus to critical business aspects.

Concluding in Profit Cash Growth Extra with an exciting revelation about an underutilised tool in the iPhone's notes application, this episode promises to be an insightful exploration of management accounts. Whether you are a business owner or an accountant, this episode pledges to equip you with key insights necessary for efficient business management.

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ABOUT THE HOST:

Claire Hancott through Profit Cash Growth helps 6 & 7 figure business owners to increase their profit, improve their cashflow and grow their business using their numbers.

As a finance director & chartered management accountant, Claire has nearly 20 years’ experience in finance and running businesses of her own. This gives her a unique insight into the information and support business owners need to grow a financially successful business.

Claire passionately believes that every business should be run by the numbers because the numbers in your business are telling you a story about what is and isn’t working and where your opportunities lie. Claire’s mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.