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Business Intelligence

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What is business intelligence? 

It is essential for business owners to have an accurate view at all times of how their business is performing. The truth is many small businesses don’t have adequate processes and systems in place to accomplish this. Small businesses require a solid platform so they can make well informed decisions rather than speculate.  

A business reporting platform should be able to provide accurate and timely information to support management to manage the business. Apex Advisors call this solution "Business Intelligence" which is basically a number of systems and processes which produce the timely, relevant and accurate information to support the business. Apex Advisors Chartered Accountants can provide business intelligence solutions for small businesses in the Southern Highlands and South West Sydney

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Never too late to start

While some small businesses fail to implement a reporting structure it is never too late to begin. Most businesses that are in a weak position are often the result of the lack of knowledge of where their business stands, which leads to improper decisions based on the lack of data and reports. The key to success is to always have carefully collated information available in order to perform an effective analysis and plan properly.  

It is a difficult process to implement new systems. It acts as a deterrent to shifting to a new reporting platform that only results in further problems that can hinder business growth. However, with a bit of effort and hard work it is easy to set up a reporting infrastructure and avoid a variety of problems in the future.

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Transparent and objective

Business reporting is also the best way to keep costs in control. These reports can identify problem areas that need to be addressed immediately and avoid further losses. They are also useful when it comes to analysing staff performance and how effective they are at implementing cost control measures. Some of the crucial areas that business reporting can address are:

• Over-expenditure

• The allocation of annual and monthly budgets

• Determining break-even points

• The identification of your profitable products and customer base

• Periodic reviews of accounts

The lack of business reporting can lead to over-optimistic forecasts that can spell danger for your business. Accordingly there is a need for an objective view of your business to determine how each element integrates within the system. This is only possible with a robust business reporting system where you gain a sense of transparency and clarity

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Business reporting solutions  

Business reporting involves the collation of important business data that can be presented in various ways to allow for effective analysis. We can assist clients in performing a review of various aspects of their reporting function. The alternative is to rely on existing systems and procedures that may not be supporting the business. Business reporting that supports the business is a key component to a business' success.

Some of the key areas that we address include:

• Identify what drives your business through KPIs or Key Performance Indicators so that the key decision makers can take appropriate action much quicker

• Ensure that your business operations function smoothly with the establishment of appropriate reporting processes

• Constantly produce fresh and relevant monthly management accounts and reports so that you know where your business stands

• Establish cost control measures through reporting processes that allow managers to be aware of their figures at all times and at the same time educate them on gross margin and profitability

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The benefits

The two main advantages of business reporting are:

• It helps business owners gain a clear vision of the future so that they can work towards their goals

• It allows them to carefully analyse their past performance and use it as a tool to implement better strategies in the future

With sound business reporting, business owners and key decision makers can view their business from a much more realistic viewpoint. Key players can review the efficiency of the business and make quick and high quality decisions based on accurate data. We can help you establish reporting processes to suit your type of business so that you make efficient and effective business decisions.

Whether you are Mittagong, Bowral, Moss Vale, Camden, Picton, Narellan or Campbelltown call Apex Advisors for business intelligence solutions.