Moore Thompson columnist discusses inflation and business intelligence

Businesses are facing increasingly uncertain times, writes Matthew Upex of Moore Thompson. Many owners have concerns about inflation, the worsening global economic situation and many other difficulties – and wonder what is next.

Unfortunately, there isn’t a magic crystal ball. Although accountants can’t tell you exactly what the future may hold for a business, we can deliver information that will give you a better appreciation of your financial health, the risks you may face and the opportunities that may lay on the horizon.

Knowledge and data can be incredibly powerful things if they are acquired in the right way and put to use effectively.

The first stage of improving your business intelligence is having the best systems and software in place to keep you informed in real-time.

While business owners may once have had to wait to get the information they need, the power and automation that comes from cloud accounting have meant that thousands of businesses can now review their accounts and figures in real-time, anywhere in the world.

Many business owners are also choosing to invest more in additional forecasting and management accounting so that they have a clearer picture of their cash flow, sales, spending and much more, on a weekly, monthly or quarterly basis.

These two methods alone can really help businesses become more resilient by giving them the information they need to make quick decisions and adapt to new challenges as they arise.

However, to take things a step further, there is real value in sitting down regularly with an adviser, such as an accountant, to go over this data and information to build a more concrete plan for future growth.

It is understandable, given the current cost crisis, that many businesses may not wish to invest in these additional advisory services, but they could make all the difference to the future success of a company – saving time and money, opening up incredible opportunities and/or spotting the signs of impending danger.

We already help hundreds of businesses across the East of England to implement better accounting systems, access a higher level of business intelligence and guide them to make decisions that count.

I would highly advise that business owners arrange an initial consultation with our team to find out how we can help them create a strategy for success.

Want to chat? Please speak to me or another member of our team by calling 01778 380850 or visiting www.moorethompson.co.uk