Why Accurate Reporting Is Vital For Business Success

How much confidence do you have in your financial reports?

Are they accurate enough for you to make key financial decisions?

The answer to that question should always be yes.

Your financial reports should tell the story of how your business is tracking and what you are able to achieve both in the short and long term.

So, it is vital that the data in those reports is accurate.

Let’s explore how you can ensure accuracy in your reporting and what you can achieve when you have confidence in your data.

Why You Need Accurate Business Reports

Financial reports are a vital business tool. When run correctly, they provide useful insights into all kinds of areas like spending, profit and growth. You can track and analyse your overall performance and use that detail to budget, forecast or make informed business decisions.

So, what if your data is inaccurate?

Well, if you aren’t working with a correct set of data, then you could end up making decisions that are detrimental to your business. Your predictions could be way off and you may find yourself overspending or getting into trouble with the IRD.

This is something that Jason from Grace Beauty wanted to avoid. Knowing the importance of accurate reporting, he engaged the Figuration team to help him.

Jason says, “reporting is an integral part of the business. If you don’t have confidence in your reporting, then you have problems.”

“We had experienced some inefficiencies in the detail with our previous bookkeeper. But, Amie and the Figuration team fixed that for us.

When I first connected with Amie at BNI, she invested time into looking at the issues we were experiencing and came up with some suggested remedies before we had even engaged Figuration. Her commitment and the due diligence she completed made Figuration the clear choice as the bookkeeper for our businesses.

Working with Amie and her team has been excellent from a reporting point of view. I now have total confidence in our management reports. This flows through to our finances as a whole. I have total confidence when presenting to the board as I know all of the info I’m looking at is accurate.”

Find The Right Accountant

Accurate financial reports are an integral part of running a successful business. And the accuracy of those reports all comes down to the data included. If that data is not up to date or is full of errors, then you aren’t getting a true picture of the business’ performance.

Many businesses do not have the time to dedicate to maintaining their finances, which is why an accountant is a vital investment. An accountant can stay on top of your finances, ensuring all the data is entered correctly.

But, you need to ensure you choose an accountant that you trust. That’s what Jason found in us, “Figuration always do what they say they are going to do. You can have complete confidence that they are going to deliver an accurate outcome, which is what every business wants.

The team is honest and consistent. They are good ALL the time. Referrals are a reflection on the person referring, and I have no problem referring Figuration - and I do it often!”

So, if you are like Jason and want more confidence in your management reports, we can help you achieve it.

Get in touch with the Figuration team today.