Retail Accounting

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Credible accounting – Who needs it?

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Accounting

I recently asked a very successful business man what his secret of success was. – His answer was “hard work, a fantastic team of people and superb advice”.

You will be amazed on how many clients we obtain, who have either invested in cheap number crunching accountants or more alarmingly cut out accountancy altogether!!! Clearly this is false economy.

The information provided by credible hospitality accountants, especially one who specialises in maximising your sales and profitability is invaluable – as I quote nearly every day of the week, “the advice we give, in most cases, exceeds many times over your investment in us.

How can you make commercial decisions and consistently refine your business without having credible timely information, support and advice?

You could easily categorise our clients and referrals into 3 headings.

1. Prosperous businesses – Our client is competent and a professional who requires more from their accountant than simply producing their VAT returns and annual accounts. They understand the value of investment in quality accounts and advice and use the information from their profit and loss to make informed decisions about their business. They challenge costs in line with developing year on year sales growth and coach their teams to be more profitable with their out puts – detail only accurate figures, analysis and credible operational advice can give.

2. Stable businesses – In this circumstance, our existing and newly referred clients run a stable business. Ultimately their goal is to prosper, distancing themselves from the risks the current trading climate present. They have historically received accounts and are legal with HMRC. However they realise that receiving a legal service is not enough in the current climate. They require a skilled operational professional to visit them on site to discuss not only how their business has performed on paper, but give coaching support and advice on everything from marketing, back bar display, perfect products to the customer journey. In this case we exceed expectation and provide coaching advice and support to our client in making a 90 day sales and action plan that addresses who, how and what should be happening in their business to maximise sales and profitability.

3. Risk Businesses – When we receive business here, our 1st concern is ensuring we can do all we can to rescue them from financial ruin. The businesses and the leadership here have had in most cases minimal support, have reduced costs so significantly they have stifled sales and may have asked for help too late.. But not in all cases!! It is of paramount importance to us to get representation in on site ASAP, understand its strengths, weaknesses, opportunities and threats as well as the financial position and skills of the leadership.

We create a snapshot of the businesses weekly costs, establish their break-even point and an immediate focussed plan that delivers quick and timely wins. Without doubt, we pride ourselves in turning around and supporting these businesses back to success.

The overriding questions to be considered are

  • Would businesses and their investors be in this position if they had the information and advice from us in the first place?
  • Wouldn’t the investment in us be far less than the costs and effort now required to turn businesses around.
  • What is the true cost of failure?

It’s the clarity, frequency and accuracy of the information produced, that supports any business to success. Investing wisely with credible industry professionals will, without doubt, be one of the best decisions you will make this year.

Nick Chadwick 07713 442650 http://www.innprofit.co.uk InnProfit

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Author: retailaccounting

CounterBooks is an online retail accounting management suite which is used by retailers across the world.

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