Thursday May 16, 2024

Why Year End Accounts Should NEVER Be Used To Make Decisions

In this episode of the Profit Cash Growth Podcast, we plunge into the significance of financial management beyond the conventional annual accounts. A detailed exploration of the Chinese fast-fashion company, Shein's possible introduction to the London Stock Exchange sets the backdrop for our news discussion. We delve into concerning issues that arise when year-end accounts are solely relied on for business decisions. Discover why such a practice can be problematic, primarily due to the time lag and lack of detailed information.

Financial expert and chartered accountant, Claire Hancott, lends her valuable insights to the conversation, highlighting the need for tailored management accounts that accurately mirror your business's unique circumstances. We also provide useful tips to aid you in managing your finances more efficiently and encourage business growth.

This podcast emphasises the dangers of leaning on limited and possibly outdated data from annual accounts. We illuminate how UK accounting principles, when used cunningly, can present a deceptive picture of a company's financial standing. The conversation delves into further financial elements such as seasonality, business strategy, and more.

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A few people have asked me what they can expect from this:
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You can expect insights such as areas to increase your gross margin, identify your customer acquisition costs, and what could happen to your cash flow when your business grows.


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