As well as helping you run your business finances on a day-to-day basis, Xero also provides a platform for making critical business decisions - holding the data and reports you need to produce regular management accounts.
For small business owners, book-keeping and accounting falls under the category of ‘necessary evil’. It’s just a job that has to be done (or most likely outsourced and paid for) to keep the wolves from the door and fulfil your legal obligations.
In big multinational corporations, the role of the Chief Financial Officer (CFO) is key. Indeed, through strategic financial planning and careful risk management, the CFO can be the difference between a business continuing its upward spiral or losing it all.
Management accounts bring all kinds of benefits to all kinds of businesses - and in particular, they bring clarity to the creative chaos that can be agency life! So, in this blog post, we’re going to focus on three of the most tangible benefits of management accounts for creative agencies.
Segways, astroturf and table-tennis tables - just a few of the quirky things that have caught our eye in the offices of creative agencies. The creative industry is all about standing out, and these uber-cool additions to the workplace are a physical representation of the ‘outside the box’ mindset.
When you run a company in the creative industry, your profit depends entirely on the small decisions you make each day. Highly profitable companies always know their numbers and use the insight to make the right choices when it comes to things like pricing, project management and cash flow.