The measure of performance of a business is in its financial reports. These allow the owners to understand what return they are making for their efforts in the business and/or what return they are earning on their investment in the business.

Business improvement strategies can only be evaluated by comparing financial reports after implementation with financial reports at the start.

Other decisions, such as buying or selling the business or obtaining finance are also dependent on accurate and timely financial information.

The money owed to a business by its customers needs to be monitored with accurate and timely invoices and statements sent to them. Without this, the business’ cash flow will not be maximised.

For these reasons business owners need to have reliable and accurate financial systems and reports.

PKF can help you implement or upgrade your accounting system so that the reports it provides are of most benefit to the business owner.

We can help you decide what kind of system and which supplier best meet your requirements if a computerised accounting system is right for you. We can arrange the purchase and set up of the package and help transfer the information in your previous system for use in your new system.

With the emergence of cloud based technology, the provision of up to date and reliable information has become significantly easier and cheaper to access

PKF can help when staff leaves or if you need specialist accounting, taxation or GST advice to correctly enter transactions. We can help you or your staff work out month end checks of system accuracy, running off necessary reports and how to do backups and other security measures

PKF can prepare financial reports which suit the required purpose of the business owner. These can be regular management reports to allow profit, cash flow or other key indicators to be monitored or reports for regular business owner, financier or investor use.

Accurate and timely financial reports are also one of the ways the business owner can prepare timely and accurate income tax returns or forward forecasts of likely income tax liabilities.