Business owners often worry about the financial aspects of their business because financial information is not communicated to them in a way they can understand and use effectively.
CIMA qualified accountants determine what information management needs and
explain the numbers to non-financial managers.
Steve was a tree surgeon who had several large contracts with good clients. The business was doing well in terms of sales but always seem to lurch from one cash flow crisis to another. He therefore spent a lot of his time worrying about how he would pay the bills and fighting the bank who continually bounced payments to suppliers.
At a networking event he met a management accountant and liked what she said about how she helped business owners to master their business finances. Together they reviewed his business and she spent time understanding him and his business. This meant she could answer his questions in ways that were relevant to him and understood exactly what information he needed.
She set up a reporting system to easily keep track of his finances and introduced him to a bookkeeper who could quickly, and cheaply, keep it up to date. At the end of each month the reporting system provided reports for him in a format he could easily understand. She showed him two areas he could quickly change to solve his cash flow difficulty:
Now Steve does not need to worry about money but can instead concentrate on running his business.