Using accounting tools to monitor your business progress

January 29, 2014 Published by
Post Categories: Financial Performance • Managing Growth

Even before your business began operating, chances are you developed a business plan to help you establish your business’ purpose, set goals and plan an initial course of action. Over time, your business has evolved and hopefully, you understand how and why those changes have occurred.

Having an accounting firm that can help you track your business’ progress and identify necessary adjustments is critical to your company’s success. Here are four key ways your accounting firm can help you monitor your business progress and help you achieve higher levels of productivity and profitability:

  • Keeping your business on a steady, goal-oriented course: Your accountant can help you stay focused on your business’ overall profitability, making sure you reach your goals and providing you with actionable data that can help you chart a realistic path for growth.
  • Linking methods to profits: By providing data that shows which methods result in profits and which do not, you can identify areas that need improvement so your business can become more streamlined and efficient. What’s more, you may be able to identify employees who aren’t performing as well as they should be.
  • Rewarding productivity and innovation: Akin to the previous point, access to in-depth data and analysis means you can identify employees whose performances have led directly to better productivity or increased profits. Not only will this allow you to reward employees for a job well done, but by letting employees know their efforts are being evaluated and rewarded, you may find your employees work harder to be more productive.
  • Spotting trends and forecasting: As the old saying goes, to know where you’re going, you have to know where you’ve been. By carefully measuring your business’ progress, your accountant can help you spot emerging trends early so you can adjust your game plan and respond to those trends.

As an entrepreneur, you understand the value of having experts on your side who can guide you in making the critical decisions that can make your business more productive, more efficient and more profitable. At Hogg, Shain & Scheck, we’re ready to help you take your business to the next level. Call us today at 416-499-3100 to schedule a consultation.