Is your business ready for 2021? Get set for the year ahead with cloud accounting, management accounts and business planning

admin — Thu, 14 Jan 2021 11:49:27 +0000

Businesses have numerous unexpected challenges over the past year, with the coronavirus pandemic having an unprecedented impact on our lives. With England now in national lockdown once again, it’s more important than ever to ensure that your business is prepared for 2021.
To ensure that you are set for the year ahead and the challenges it may bring, there are several key factors to consider, including budgeting, forecasting, financial modelling, cloud accounting, cash flow and business planning, which can all help you cope with the challenges of lockdown and move forward through the rest of the year.
Budgeting
Budgeting is one of the key components of any business and you must monitor monthly incomings and outgoings to provide a solid foundation for your business.
Typical outgoings include rent, taxes, vehicles, daily expenses, emergencies & repairs, energy and utility bills, insurance, payroll, marketing & advertising costs, plus any one-off expenses, planned investments, upgrades and professional fees.
Cash flow
Having either less money coming in and more money going out, or a chaotic cash flow is one of the most frequent factors in business insolvency.
Recent research has even revealed that late payment of invoices is the cause of one in five company insolvencies, and during a particularly challenging economic period, it is more important than ever to ensure that you are managing your cash flow effectively.
Despite larger companies being the sole cause of cash flow problems among the small and medium-sized enterprise (SME) community, how they conduct business is out of your control. This is why SMEs need to think efficiently about business decisions, such as who you do business with.
Obtaining a contract with a larger company, who has a reputation for late payments, may not be the optimum use of your resources. It may instead be more prudent to consider acquiring several contracts with reputable contacts.
These will be smaller individual contracts, but importantly, the risk is spread and this also enables the development of more business relationships to ensure a good, consistent flow of cash.
The impact of forecasting and management accounts
Forecasting for the unexpected, such as the events of 2020, is an essential step that an advisor can help you with, as the forecast will need to be as accurate and comprehensive as possible to create a precise cash flow model.
Successful businesses are only as strong as their strategies, which is why monthly management accounts should be a key consideration for any business.
Whereas a business plan states your goals, strategy and key activities, the value of the forecast lies in testing your plan ‘on paper’ before you make any costly changes or investments.
Management accounts are like a monthly “health check” for businesses – and the information they provide is crucial for keeping on top of cash flow. A strong set of management accounts should include all types of information, such as:

Profit and loss reporting
Balance sheets
Cash flow statements

Management accounting enables cost transparency, flexibility and freedom, helping you to stay on track and achieve your business goals. By outsourcing this service to us, it releases your accounting team’s time and allows you to gain the benefits from management accounting without the burden of preparing them.
An effective strategic planning process
Stepping back and taking time to agree on a way forward with your management team means you can all move ahead together, with each member of the team understanding the plan to achieve your goals.
It is often said that, “failing to plan is planning to fail.” Yet, in our experience, business owners rarely find time to work on their business rather than in their business.
As a business owner you have no doubt been reminded on more than one occasion of the importance of business planning and no doubt you agree that planning is important.
Without sound analysis, clear projections, and well-thought out strategies, businesses tend to become hostages to market forces, rather than being a driver of its fortune. This is why we encourage our clients to schedule regular planning sessions. We can help you:

Formulate and implement long-term strategic goals
Set concrete operational objectives
Monitor performance and adjust plans accordingly

The benefits of cloud accounting
Whether you’re starting up or growing your business, it makes sense to use technology that will make running a successful business easier.
The nature of accounting is changing alongside new developments in technology. The old systems that many businesses currently rely on will soon be out of date, so why wait? Take the next step now so your business can take flight.
Available anytime, anywhere in the world
Grunberg Cloud can be connected to at anytime, anywhere, and on any device.
Transparent and Exact
Check what’s come in, and what’s gone out with real-time updates on invoices and outgoings.
Collaborate in real-time
Work, create, and share in real-time with colleagues or an expert at Grunberg Cloud.
How can Grunberg & Co help me and my business?
We offer a range of services to assist your business and ensure that you are set for 2021.
Your goals and objectives are unique to you, and when you’re running your business, you need accurate, up-to-date financial information to make informed decisions and plan for the future.
For help and advice, get in touch with our expert team at Grunberg & Co today.

The post Is your business ready for 2021? Get set for the year ahead with cloud accounting, management accounts and business planning appeared first on Grunberg & Co.

Resources for Autism receives generous donation following Grunberg & Co’s year of fundraising

admin — Wed, 27 Mar 2019 16:48:47 +0000

London accountancy firm, Grunberg & Co, has handed over a cheque for £7,500 to a charity that supports people with autism after the firm undertook a year of fundraising.
Located on the Finchley Road in north London, Resources for Autism provides practical services for children and adults with an autistic spectrum condition and for those who love and care for them.
The charity’s Director, Liza Dresner, was invited by Grunberg & Co to collect the donation from its office in Colindale and shared examples of how its team of accountants, auditors and tax advisors had helped to raise the money.
In the last 12 months, they have undertaken a number of charity challenges, including taking part in the London Halloween Walk and hosting a pamper day for staff and clients.
Speaking about their successful year of fundraising Alain Stechler, a Partner at the firm, which also has an office in the City of London, said: “It was wonderful learning more about Resources for Autism over the last year and seeing the fantastic work that it does first-hand.
“Our staff and my fellow Partners really got behind this cause and did some amazing things to raise money. We hope the funds that we have donated go some way to ensuring that Liza and her team can continue to support people locally.”
During her visit to the practice’s headquarters, Liza Dresner thanked the team at Grunberg & Co for its hard work and said that the money would make a massive difference to the lives of local people with autism.
She said: “The incredible amount of money raised will help fund our North London teenage autism and mental health group. This has been a real partnership, talking to Grunberg staff about autism, having team members come in and volunteer and helping all of us understand each other’s worlds. We are hugely grateful to the Grunberg staff who were such a pleasure to work with and have helped us so much.”
Alongside its fundraising for Resources for Autism, members of the Grunberg & Co team took days out of their busy schedules to volunteer at the charity.
To find out more about Resources for Autism, please visit www.resourcesforautism.org.uk

The post Resources for Autism receives generous donation following Grunberg & Co’s year of fundraising appeared first on Grunberg & Co.

Alain Stechler Archives - Grunberg & Co

Is your business ready for 2021? Get set for the year ahead with cloud accounting, management accounts and business planning

Resources for Autism receives generous donation following Grunberg & Co’s year of fundraising