Do You Know Your Numbers?
Is your business changing?
Posted by Alison Mead on 18/11/2019 @ 8:00AM
I'm a huge advocate of knowing your numbers and keeping up to date on your accounts as you go through the year. I definitely don't recommend simply gathering everything up to give a bookkeeper and an accountant after the year-end ...
If you need to know your numbers throughout the year, then maybe I can help?
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I've just been doing a review of my business as we are just over six months through our financial year. My numbers just prove to me that my gut feeling about how my business is changing is right.
"Gut feelings are great, but it's good to check the numbers back it up!"
So for me, my bookkeeping part of my business (supplying software and showing people how to use it), accounted for just over 80% of my earnings. Of that, 80% was Sage and 20% Xero. For the first seven months of this year, it's now 90% of my business and it's 60% Sage and 40% Xero.
It's a changing market, and Sage has dropped the ball in the new cloud arena, but for 15 years Sage50 Desktop was 100% of my business. I could see Sage was suffering and put more effort into increasing my Xero skills more than 5 years ago, and my efforts are being rewarded. But it's been a different kind of business and a different kind of support with Xero compared to Sage.
How is your business changing? What do your figures tell you? If you can’t do this kind of analysis yourself then get help to organise your bookkeeping so you can.
Until next time ...
Would you like to know more?
If you'd like to know your numbers and learn how to keep up to date on your accounts as you go through the year, do give me a call on 01604 420057, leave a comment below or use the Messenger tool you can see in the bottom right of your screen to chat right now. Let's see how I can help you.
About Alison Mead ...
Alison loves bookkeeping and supporting bookkeepers. She has been helping clients to be better bookkeepers in Sage 50 for over 24 years and has been Xero Accredited in accounts and payroll for a number of years too.
She specialises in a very unique hand-holding method of training, helping bookkeepers and business owners to use their accounts software as and when they need support in setting up and producing their invoices, reports and financial information.
Alison combines her role at Silicon Bullet with her Forever Living network marketing businesses and is often to be seen at business networking meetings as she likes to keep busy.
You know what they say: if you want something done well ask a busy person!
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