Periodic management reports are essential to proper decision-making in any business organisation. However, a bland set of numbers rarely tells the whole story. Most businesses are complex organisations where non-financial metrics are often just as important as figures in the Profit and Loss Account or Balance Sheet.
Four of our senior staff have backgrounds in financial control and budgetary responsibility and we specialize in providing a management accounting solution that goes beyond the numbers to diagnose underlying issues affecting the performance of the business and develop solutions to address these issues.
We can prepare management accounts on the clients own system or we can use our own nominal ledger software to ensure confidentiality. Utilising laptop computers and portable printers, we can present management reports immediately.
Our investment in technology goes beyond hardware. In addition to standard accounts preparation software, we also use a program called “Targeted Business Results” to shine a spotlight on business performance using three distinct modules, Business Performance Review, Profit Improvement Potential and Productivity Analysis.
This unique Windows based software allows us to analyse key financial elements relating to the overall health and performance of the client’s business. It lets us view the business holistically, looking at overall trends, setting performance goals and identifying how we can assist the business to move forward.
The minimum level of information provided by us would include:
- Monthly Profit & Loss versus last month or last year or year-to-date
- Balance Sheet with monthly comparison
- Monthly cash flows
- Identification of abnormal or non-recurring charges and income
- Age analysis of debtors with provision for bad debt
- Age analysis of creditors
- Summary of outstanding taxes due (Vat; Paye/Prsi).
We will then work with you to determine what additional information would be of benefit to you and your managers and will attend a monthly meeting to explain our findings and recommendations in plain language. Outsourcing your bookkeeping and financial control can save you money as OHD can:
- Achieve economies of scale and a lower cost structure than if you employed staff directly (don’t forget the additional costs above salaries of employing finance staff such as employers PRSI, benefits, annual and sick leave, additional overheads, etc)
- Assign experienced and specialist professionals to operate the financial and accounting systems saving you money on training staff
- Invest in the appropriate information technology and communications systems
- Develop comprehensive reporting systems taking account of all current and emerging regulatory requirements
Outsourcing to OHD means that you don’t have to:
- Make capital investment in new technology to cope with business growth
- Divert valuable management time into non-core activities
- Invest in specialist recruitment and training programmes
- Pay for temporary cover for sickness or leave
- Sink under a growing mountain of red tape
In addition, your business will benefit from outsourcing by:
- Maximising senior management time to focus on core competencies and really growing the business
- Accessing external expertise when and where it is needed while ensuring best practice at all times
- Improving banking relationships through increased accuracy and frequency of reporting and improved reliability of information
- Diverting investment from business support services to growth strategies
- Enhancing long-term competitiveness
For more information on this service please contact:
Patrick O’Hare
Tel: 046 943 7900
Mob: 086 608 8869
Email: pohare@ohd.ie
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