Solving Your Business Issues

KMA Accountancy has a wealth of knowledge built up over 30 years.

Here Kimberley, David and the team share their responses to some of the most commonly asked questions about running a business. Hopefully there is something in here to help you right now. 

Click on an issue to see how KMA Accountancy can help you.

Business Issues

I don’t have a clear plan, my business grows (or shrinks) due to circumstances rather than design

You may need a Business Plan, Management Information and Accounts

In order to achieve your business goals you must have a business plan. Whilst It doesn’t have to be a lengthy document it must be absolutely clear as to what your strategy is (ie what are you are trying to achieve and how).  If you don’t already have a plan or are finding it difficult to do one – don’t worry – we can help you to produce one.  

Any plan must include financial projections – both profit and loss as well as cashflow. After all to succeed you need to increase sales and profits whilst always ensuring there is enough cash in the bank to pay the bills.

Once you have a financial projection (or budget) in place you now have something with which to compare your actual performance against. You must measure and monitor what is happening so that know when you’re starting going off course because you can quickly put corrective measures in place to bring you back on track. The way to do this is by having monthly management accounts as well as the right Key Performance Indicators in place. We can devise these for you as well as ensuring you have the right financial systems and software in place to monitor performance

 

Get in touch

Read Case Studies

I don’t have faith in my current advisers as I don’t feel they are working pro-actively and in my best interests.

You need Pro-active Services

It maybe that your business has grown to a size that your existing accountant can no longer deal with.  Here at KMA Accountancy we have a wealth experience working with businesses, both big and small, over many years helping them successfully grow. It’s this experience all our clients now benefit from.

As we are just one of only 1,500 Chartered Management Accountancy practices in the UK you have probably never realised there’s an accountant different to the traditional high street  accountant. Having worked in industry (on your side of the fence) we understand business and can provide you with both the information and expert advice you need to get those key business decisions right and ultimately achieve your business and personal goals.

Get in touch

Read Case Studies

I don’t know if my existing marketing is working.

You need some Business Improvement Analysis on Marketing spend

If you are investing in marketing, you really need to understand if it is cost effective and giving you the desired results.  This is where KMA accountancy can help by providing you with the information on what marketing is working for your business and what is not. This means you can unnecessarily avoid wasting money by quickly re-directing marketing spend from areas generating very little to areas where there are better opportunities to generate new customers and increase sales.

Get in touch

Read Case Studies

I find it difficult to know how much I should charge my customers.

You need to review your Sales Process and have sound Management Information

It’s never easy deciding what to charge a customer, should it be by unit, by hour, by product or service ? The issue gets much more complex once you start to consider your service offering, volume discounts, market trends and what your competition is doing.  You really need to understand where your product/service and business sits in the marketplace. How unique is it ? Can you charge a premium price or is it more of a commodity ?

Before you can answer these questions you also need to understand the cost structure of your business. How much does it cost you to either produce a product or provide a service to each of your main customers ? Having a good sales process and up to date management information to hand is really important if you are to get the pricing for your business right.

Pricing is a really difficult yet common issue and we are always helping our clients work out the best solution for them.

Get in touch

Read Case Studies

I have too much work on and I don’t have enough time to think about the strategy and making the business more profitable.

You need some Out Sourcing help

It’s vitally important for you to concentrate on the strategic direction of your business rather than simply spending all your precious time rolling up your sleeves and getting stuck in with the day to day work. One way to lighten the load is to outsource some or all of the day to day financial management to KMA Accountancy.  We can work with you to identify what can be outsourced in order to free up precious time – time which you can spend on the stuff which will help you achieve your business goals.

Get in touch

Read Case Studies

I keep getting penalties because I don’t file information on time

You need Pro-active Services

Does this happen to you?  It really doesn’t need to.  We work proactively with our clients to ensure that this doesn’t happen as we ensure accounts are produced efficiently and quickly on receipt of records. Other than avoiding penalties there are several key benefit advantages to you in getting the accounts and tax returns done quicker. Firstly, if there is tax to pay you will know what the amount is sooner and you have time to budget accordingly thus avoiding any last minute surprises. Secondly, by discussing last years results sooner we can provide our expert advice sooner which should mean that next year’s profit will be even better.

Get in touch

Read Case Studies

I know I need more customers but I have run out of ideas as to where they would come from.

You need a combination of Business Advisory and Proactive Services

In order to put a plan together to get more customers the first step and vital step is to understand the profitability of your current customers and of the services or products they buy from you. KMA Accountancy can first help you do this and then we would work with you in partnership to look at current marketing channels and where those ideal and highly profitable customers are !

 

Get in touch

Read Case Studies

I need to raise some funds, I think I may need to borrow it, but I don’t really know how much, where to go or how to present my case.

You need help Raising Finance

We work with clients on a regular basis who know they need to raise additional finance but don’t know where to start.  The first step, is for us to listen, understand and discuss with you what you are trying to achieve and over what timescale. It’s also important for us to appreciate your desire, attitude to risk and end goals. 

The second step is for us to create a plan so that you know how much cash needs to be raised and what are the best options for raising it within your timescales.  Having worked with a variety of finance providers over the years we are well aware of what they are looking for in any new opportunity. To give you the best chance of success in securing funding it’s advisable to not just highlight the scale of the opportunity but also show that you’re taking actions which will reduce the risk to the lender.

The last step is to then approach, with you, all suitable lenders and get a range of offers of finance from which the best ones can be picked.  I’m afraid lenders are rarely as excited about an opportunity as you and they therefore need to be really convinced before they’ll part with any cash. 

Get in touch

Read Case Studies

I want to exit my business but I don’t know if its in the best shape it could be to sell or pass on.

You need Exit Strategy planning and Management Information

Just like selling the family home selling a family business is often a big financial and emotional decision for the owner. For many owners its important to get the highest price possible – that extra cash for instance will mean a more financially secure retirement. Whatever you want from the sale we can help you achieve it.  There are certain steps to follow, which if done, should ensure your company is in the best possible shape for you to get best sale price. A couple of these steps with which we could help you with include having solid management information and having a carefully thought out exit strategy.

You need Corporate Finance Service

When you are ready to exit we can help facilitate the sale by working with your trusted advisers so that you get you the best deal possible at the right time.

Here at KMA Accountancy we can assist with the request.

Get in touch

Read Case Studies

I worry about tax and HM Revenue and Customs, am I paying enough or too much tax? I don’t always know in advance and that causes me sleepless nights when I have to suddenly pay a large bill.

You need Tax Planning

We work closely with our clients to ensure their business is operating as tax efficiently as possible in order to minimise the amount of tax due to HMRC whilst at the same time complying with the law. As your company is profitable tax is almost certainly a certainty I’m afraid but we just want you to pay the minimum that you are legally required to pay.

You would be amazed how many people are paying more than they really ought to so if you are wondering if you are one of them and would like either a second opinion or our help give us a call.

Get in touch

Read Case Studies

I’m not sure I’m as efficient in business as I could be, am I paying people at the right time or am I affecting my cash flow and company credit rating.

You need Cash Management

You need some good advice on the whole process to ensure you understand the cash requirements of the business, so a good cashflow forecast and robust budgets are of major importance.

You need Debtors Control

It would be very sensible to review and improve the systems and processes around cash collection and payment to ensure you are as efficient as possible whilst not detrimentally affecting your company ratings.

At KMA Accountancy this is part of the Management Information service we provide.

Get in touch

Read Case Studies

I’m finding it difficult to manage the cash flows in my business.

You need Budgeting

An essential habit is to set a budget at the start of the year as this will enable you to assess how much cash you need in any given week or month. A budget will highlight times (eg seasonal variations) when cash gets very tight and either careful cash management is needed or you may need to borrow. The important part is that you know in advance when issues will occur so that you can start planning early which will in turn minimise problems later.

You need Forecasting

You will also need to have cash flow forecasts on a weekly or monthly basis. No business, no matter how big or profitable, will stay in business for long if it simply doesn’t have the cash in the bank to pay the bills when they need to be paid.

A business should prepare profit forecasts on a regular basis so that it knows if it is on track. If the forecast shows the business is likely to be going off track then because you know now, corrective action can be taken sooner. Businesses and markets are always evolving and forecasts can be used to highlight these changes and their impacts – the important thing is ensuring your business responds and adapts quickly to ensure that it stays on track.

Get in touch

Read Case Studies

On a monthly basis I don’t know what my business is doing. I don’t understand the financial information.

You need Management Accounts

Most SME business owners manage their business and cash by looking at either their weekly bank statements or their annual accounts which at best are several months out of date by the time they receive them.  In both cases the information is backward looking and it’s difficult to use it when you’re trying to take decisions and manage the profitability and cashflow of the business over the coming weeks and months. 

I don’t know anyone who would just turn up at an airport having done no research on where they want to go to, without a passport and with little idea of how they’re going to get to their as yet unknown destination. There’s little difference in business so why leave your business to gut feel, fate and luck ?

To really understand what is happening in your business you need accurate and timely management information. Depending on what’s right for the business this would include Budgets, Management Accounts, Key Performance Indicators, Profitability analysis and Business strategy advice.  KMA Accountancy provides all this information for clients on a monthly or quarterly basis.  We know how vitally important this information is for you so that’s why we summarise the key points in words you will understand (ie absolutely no jargon) so that in turn you can make the best business decisions for you and your company.

Get in touch

Read Case Study

Running my own business is lonely but I have no one I can discuss ideas/share best practice with

You need Business Advisory Services

Many business owners find it both lonely and tough when running their business. It’s especially hard when you’re on your own and faced by difficult decisions which, once made, need to carried through. If you want the confidence and peace of mind that you’re making the right decision at the right time then you need the support of people who don’t just understand your business but you as well. We know what it’s like and that’s why we spend the time listening to what the owner wants to achieve before suggesting various options for the owner to choose from and at KMA Accountancy we’re not afraid to tell you if an idea just doesn’t make commercial sense.  Equally we’re always there if you just want someone to bounce an idea off so that you never feel there is no one who understands or can help ease the burden of the day to day running of a successful business.

Get in touch

Read Case Studies

Meet For A Coffee

Let's meet
for a coffee

Arrange a time
We'll Call You Back

We'll call you
back

Arrange a time
Kim Marlor's Book

Supercharge
your profits

Download Free Book

Get in touch

0161 410 0020
info@kmaaccountancy.co.uk

KMA Accountancy
Progress House
17 Cecil Road
Hale
Altrincham
Cheshire WA15 9NZ

Latest news

Job Applicant, is this a naive error in judgement or a sign of the times and why it’s relevant to your profits

Have you ever stopped to consider what is more important when you are recruiting skills and experience or attitude? In this blog post I attempt to explain that from...

Directors Loan Account – One of the greatest mysteries of owning your own company for a lot of owner managers

When you first set up your Limited company you will usually need to put money into the company bank account to start trading before the cash rolls in from those...

Tweets @KMAltd