How Your Financial Statements Can Unlock new Business Strategy
As the financial year ends, many of you are in the process of getting your year end accounts ready to hand over to your accountant for them to work over their tax magic, while some diligent retailers have already done this and are eagerly awaiting their set of year end Financial Statements and Income Tax Return.
Let me ask you a question, what value do you get out of your financial statements? Some of you might say the value is that you get to see if your bottom line profit has improved from last year, or whether your gross profit has improved.
But tell me, do your financial statements let you know the following:
How well your business has performed against your competitors and the industry?
Your business strengths and weaknesses?
How to effectively manage your cash flow cycle?
How well you’re utilising your resources (labour, inventory, shop space, etc)?
Contents of an Action List on how to become more competitive in the industry?
Whether you are at risk of an ATO Audit?
The most effective way to get the answers you need from your financial statements is by benchmarking your business.
Benchmarking takes your financial statements and compares them to your Industry competitors. This will help you understand opportunities for growth in your business, and how to outperform competitors with a step-by-step actionable report to drive your strategic planning year on year.
At CABEL Partners, our Benchmarking team can provide you this business insight and aid you in developing a plan to help maximise your company’s full potential. We explain this further in a short YouTube clip: Click HERE
If you would like to know more about how to improve your business performance through benchmarking, contact David Rosenthal at david@cabel.com.au or call 8071 0321
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CABEL Partners is a boutique Chartered Accounting firm offering accounting and audit services to small to medium enterprises, individuals and not for profit organisations. We specialise in specialist tax advice and start up business mentoring. CABEL Partners knows what you want! CABEL Partners will provide certainty and complete your work with clear and regular communication, transparency, and a pro-active attitude
Email - info@cabel.com.au Office: 02 807 10 300 A: Level 5, 1 James Place, North Sydney 2060
