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October 21, 2024 -- Steven D. Cox is a noteworthy accountant who excels in automotive and financial accounting For daily news and analysis subscribe to the https://lnkd.in/gNfm9wi3 newsletter. #Accounting #Finance #Business

“When you choose an accountant, you’re taking a leap of faith.” As Managing Director at Paradigm Consulting Ltd, Chris Phelan, is an expert in loss adjusting and risk assessment. He told us “Our previous accountant shared very little information with us. They felt more like glorified bookkeepers than accountants we looked to for support and advice.” Financial Director, Aimee Panons also shared “We didn’t have a clear picture of what was going on in the business, and it was difficult to make strategic financial decisions.” They made the decision to join us here at Panthera and they immediately discovered a different approach. “Panthera provides such a supportive relationship that it’s as though we have our own finance department in the next room. They didn’t make us feel silly for not knowing something, but instead explained everything clearly.” Shared Aimee, who works closely with her Senior Client Account Manager and has regular meetings to review the numbers and make important decisions. Chris also appreciated that we don’t just look at Paradigm’s numbers in isolation, but we constantly consider broader business goals. He shared “Panthera has inspired me to set goals around bringing more enjoyment into the workplace, because happier people are more productive.” Find out more about how we helped Paradigm in the link below. #pantheraaccounting #managementaccountant #smallbusinesssupport #smallbusinessaccountant #accountingandfinance #accountants #accountant #oxford #businessadvice #businessimprovement #paradigmconsulting #customerexcellence #clientsupport #financialguidance #financialclarity

💲 Our hard-working finance team is celebrating after having our 2022-23 Annual Financial Statements signed off by the NSW Audit Office. 💲 This means Council has caught up on our backlog of financial reporting, which has meant a significant amount of work. 💲 In fact, our spreadsheet gurus have been able to complete three sets of financial statements in less than 12 months: 2020-21, 2021-22 and now 2022-23. 💲 This is a monumental achievement and one which finally gets us back to real time financial data, and a normal cycle of financial year reporting and audits. 💲 This is a big wrap to our finance team, as well as the NSW Audit Office, who have been working closely with the team, provided excellent professional advice. 💲 These latest statements show a continued improvement in our accounting processes and overall bottom line. 💲 While Council recorded an overall loss of $7.7m for 2022-23, that’s a $2.4m improvement compared to the $10m loss of 2021-22. 💲 The improvement is due to a focus to improve operating performance and financial sustainability. 💲 This will continue over the next two years, as Council seeks to produce a balanced budget and operating result. 💲 This is a critical part of the requirements of the NSW Government Performance Improvements Orders. 💲 The Statements are on public exhibition until 4pm, Tuesday 28 May.

I did a wee bit of a mention about how boards and accounts go together before but to be honest, I didn’t quite get it out of my system, so here’s a full-blown rant coming up. First, the board should meet the auditors before their appointment ideally. They are one of your biggest lines of defence and have you met them? Have you set the expectations? Understand their terms of reference? do you know the audit partner, who will be doing the work? Do you have a calendar ready? What has been their experience with the firm if reappointed or with other firms of this kind? What things to worry about? What have traditionally been issues with audits in this sector? Then you need to sit down with the CFO and have some good solid words with her. Whilst you will be seeing management accounts at worst and financial accounts at best at every quarterly board meeting, the big fat chickens come home to roost at year-end, so understand her perspectives on the accounts Then we need to have a calendar. Please for heaven’s sake, don’t frikking drop the sodding document 2 days before the deadline. It took reams of people working full-time, inside and outside the organisation to produce this 300-page piece of accounting magnificence. And you expect me to review, understand and sign off within 2 days? This is a work of art, this is beautiful, please allow us at least 1 week to review it. Next, I am impressed and gobsmacked at your brilliant production of the accounts and your firmly held belief that this is the word of God, and it cannot be questioned. Hence don’t allow us to ask questions on the results. Don't need it right? WRONG! We need to have time to review, ask questions and then ensure there is sufficient time to get responses and if needed, reflect in the final accounts or audit report. Not too much to ask, is it? Look, annual accounts are truly and horrendously complicated but the ultimate responsibility is with the board – they sign off on the accounts. Here’s a radical thought, can we please do it the way Luca Pacioli, Saint Matthew and various Accounting Gods such as Seshat, Arguriologus, Plutus, Chitragupta meant it to be?

🌟 Why Monthly Management Accounts are Vital for All Businesses 🌟 At Bowdon Accounting Services, we believe that staying on top of your finances is crucial for business success. Here's why monthly management accounts are a game-changer for all businesses: 🔍 Real-Time Financial Insight: Monthly accounts provide a clear snapshot of your financial health, allowing you to make informed decisions quickly. 📈 Performance Tracking: Regular updates help you track your business performance, identify trends, and take corrective actions if needed. 💡 Informed Strategy: With up-to-date financial information, you can plan and strategize effectively, ensuring your business stays on the right path. 💰 Cash Flow Management: Understanding your cash flow on a monthly basis helps you manage expenses, plan for future investments, and avoid financial pitfalls. ⚖️ Compliance and Accuracy: Regular reviews ensure your accounts are accurate, making it easier to meet compliance requirements and avoid penalties. 🚀 Growth and Expansion: With a clear understanding of your financial position, you can confidently explore new opportunities for growth and expansion. 🔹 What a Good Set of Management Accounts Should Include: 1) Profit & Loss Statement: Shows your revenue, costs, and profits over the month. 2) Balance Sheet: Provides a snapshot of your assets, liabilities, and equity. 3) Cash Flow Statement: Tracks the inflow and outflow of cash. 4) Budget vs. Actual: Compares your budgeted figures to actual results, highlighting variances. 5) Key Performance Indicators (KPIs): Metrics that are crucial to your business performance. 6) Detailed Analysis: Commentary and insights on the financial data, highlighting any issues or opportunities. 7) Forecasts: Projections of future revenue, expenses, and cash flow to help plan for the months ahead. Stay ahead of the game with Bowdon Accounting Services! Contact us today to learn how we can help you maintain accurate and insightful monthly management accounts. https://zcal.co/i/fSLS0r60   Discover more about how we can support your business by visiting our website at www.bowdonaccounting.com. #BusinessSuccess #FinancialManagement #BowdonAccounting #MonthlyAccounts #UKBusiness #FinancialInsight

Being audit ready is crucial for businesses of all sizes. It ensures that your financial records are accurate, compliant with regulations, and ready for inspection at any time. Public Company Accounting Oversight Board (PCAOB) Chair Erica Williams emphasizes how quality audits protect people in this article from CFO. She also discusses working with former President Obama, the auditor selection process and addresses the accountant shortage. https://bit.ly/3yzXjPP

Are public companies required to have principal accounting officers (PAOs)? While not strictly required, companies without PAOs should be aware of the result. Perkins Coie's Ben Dale discusses in this Public Chatter blog post. #CorpGov #CorporateGovernnce #PublicAccountOfficers #PublicChatterBlog

Key Performance Indicators Every CFO should Watch. Ask your bookkeeper or accountant to give you these reports. Not every company has a person with the title of CFO so it lands on business owner to handle with the accounting department. Many small companies are blessed with very smart people who do have the degree or training but they are craving to learn new things.

As a newcomer in public accounting, I've gained a profound appreciation for the critical role accountants play in the business world. Working in this field has opened my eyes to the undeniable importance of having a skilled accountant on your team. Firstly, the expertise and insight that accountants bring to financial management are invaluable. We navigate complex regulations, ensure compliance, and provide strategic advice that can prevent costly mistakes and penalties. An accountant's eye for detail ensures accuracy in financial reporting, which is crucial for making informed business decisions. Secondly, accountants offer more than just number-crunching. We provide a strategic perspective that can drive business growth. From identifying cost-saving opportunities to optimizing tax strategies, our work directly contributes to a company's bottom line. The ability to analyze financial data and translate it into actionable insights can only benefit any business, large or small. Public accounting has taught me that behind every successful business is a dedicated accountant ensuring its financial health. Whether you’re a startup looking to grow or an established company aiming to maximize profitability, the expertise of an accountant is a powerful asset. Investing in quality accounting services is not just a necessity but a strategic move that can propel your business forward. I'm looking forward to new opportunities and connections that my young career in public accounting can bring.

🌟 Understanding the Power of Sensitivity Analysis in Budgeting 🌟 At Bowdon Accounting Services, we believe in empowering businesses with tools that drive financial health and strategic decision-making. One of the key tools in our arsenal is sensitivity analysis, a critical component in effective budgeting. 🔍 What is Sensitivity Analysis? Sensitivity analysis helps businesses anticipate possible outcomes and assess risks by modeling different scenarios based on various assumptions. This technique varies key financial inputs and observes the impact on the budget, helping businesses understand potential vulnerabilities and opportunities. 📈 Why is it Essential? In today's unpredictable business environment, flexibility and preparedness are more crucial than ever. Sensitivity analysis: a) Enhances flexibility by preparing businesses to handle unexpected changes in costs, demand, and other critical variables. b) Supports strategic planning by providing insights into which variables most significantly impact revenues and expenses. c) Aids in risk management by quantifying how changes in the marketplace or operations might affect your financial outcomes. 👥 Who Can Benefit? Every business, regardless of size, can leverage sensitivity analysis to make informed, data-driven decisions. It's particularly valuable for enterprises looking to expand, invest in new projects, or navigate through economic uncertainties. At Bowdon Accounting Services, we specialize in integrating advanced financial tools like sensitivity analysis into your budgeting processes, ensuring you not only plan for the future but also prepare for the uncertainties it may bring. 💬 Let's Talk! We at Bowdon Accounting Services are committed to providing you with timely, clear, and strategic accounting support. If you would like to schedule a discovery call to explore this further, you can book a time that suits you via this link: https://zcal.co/i/fSLS0r60   Discover more about how we can support your business by visiting our website at www.bowdonaccounting.com. #BowdonAccounting #FinancialServices #Budgeting #SensitivityAnalysis #BusinessGrowth #UKBusiness