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Financial management (42)

Monthly financial timetable
The speed with which you are able to close the books is a very good indicator of the efficiency of the company's financial procedures. Fast closing also saves time, money and resources and enables you to add value in other ways. Timely financial reporting also has obvious benefits in enabling management... Read more
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Internal control checklist
One of the keys to improving profits is reducing leakage through inefficient processes and managing undue risks in the business. As an accountant it's your responsibility to establish and maintain internal controls.Key questionsWell-designed and monitored internal controls can protect against errors,... Read more
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Type: Checklist
Critical success factors plan
It can sometimes be extremely difficult to get everyone in the finance team pulling in the same direction and focusing on the true essentials. That's where a critical success factors (CSFs) plan can help. Critical success factorsCSFs are the essential areas of activity that must be performed well if... Read more
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Overheads ratio record
It's common practice to consider absolute cost numbers versus budget and prior year. However, accounting ratios show the relationship of one number to another relevant number which can be much more revealing. Using operating cost ratios helps you to identify inefficiencies in the running of your business... Read more
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Type: Calculator
Operating leverage calculator
In times when sales are volatile, profitability depends on the level of your company's operating leverage. You can help your business by working out what this is and identifying steps to improve it. Fixed costsOperating leverage measures the impact of a change in sales on operating profits. If an increase... Read more
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Company solvency calculator
Company directors should be alert to their potential personal liabilities for the offence of wrongful trading. So how do you tell if your company might be trading wrongfully, and thereby exposing the directors to risk. Conducting a regular solvency check might be the answer. Wrongful tradingIf, at some... Read more
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Type: Calculator
Days sales outstanding calculator
Reporting debtor management key performance indicators (KPIs) to those involved in the process of billing and collecting can be motivating. This in turn can shorten cash collection times and improve cash flow. Output kpiThe debtors' ledger module within your accounts package will include a number of... Read more
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Type: Calculator
Sales trends analysis
Sales levels can fluctuate for a number of reasons, and where they have declined it is right for the board to be concerned. Falling sales could indicate problems with marketing, distributors, the product, production levels, pricing or customer service. Your role could be to help highlight where that... Read more
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Type: Calculator
Funding report questionnaire
How is your company financed? And how and when is this finance going due to be repaid? A funding report can help ensure your company's finance requirements are identified and properly considered as early as possible. Key questionsYou may want to consider providing the board with more than just a standard... Read more
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Type: Form
Flash report
You prepare monthly management reports, but in fast moving times how can you deliver key financial indicators quickly so that your board can make critical decisions in a flash?What is a flash report?Management reports in most companies work to a monthly or even quarterly cycle. Normally, production of... Read more
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Type: Calculator
Pareto analysis spreadsheet
Many of your daily work problems don't have a single root cause, rather several quite separate contributing factors. You can use Pareto analysis to analyse this cause and effect.The 80/20 rulePareto analysis is the method of looking at all the root causes of a problem and trying to determine which ones... Read more
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Type: Calculator
Monthly commitments sheet
In order for your management accounts to be as accurate as possible, you make adjustments for expenses that have been incurred but not yet invoiced (accruals). In theory, you should be able to identify any expense commitments from the list of purchase orders already entered on to your purchasing system;... Read more
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Type: Form
Work in progress monitoring tool
Whether your company manufactures goods or supplies services, work in progress (WIP) control is an important element of working capital management. Excess WIP costs money and in the worst cases can end up being unbillable. Monitoring WIP on a monthly basis could be the answer to this risk. Measuring... Read more
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Type: Calculator
Stock turnover calculator
Many businesses believe that they consistently carry more stock than is needed. As holding stock means tying up cash, then ideally you would want to keep stock at minimum levels to meet sales forecasts and keep production running smoothly. So how can you help the board make sense of how well stock is... Read more
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Type: Calculator
Balance sheet ratios report
Directors probably place more emphasis on the profit and loss account than the numbers. However, it's worth drawing their attention to what the balance sheet has to say about the company too, by using balance sheet ratios. Balance sheetIn many companies, the financial management report provided for the... Read more
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Type: Calculator
Doubtful debts calculator
If you have concerns over the ability of the debtor to pay, it's prudent to establish a provision for the amount of the doubtful debt. Such a debt may become bad in due course, either in part or in full. Alternatively, you might collect all or some of the monies owed. However, in the meantime you'll... Read more
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Type: Calculator
Monthly prepayments calculator
You can make adjustments to your monthly management accounts for any expense that spans more than one period, e.g. rent. Other common examples of prepayments are insurance, maintenance contracts and business rates. However, this involves extra work each month in recalculating the expense that relates... Read more
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Type: Calculator
Break-even point calculator
Being clear about the distinction between fixed and variable costs in your business will enable you to more accurately work out the break-even point of any given project. Use our calculator to help you do this.Break-even pointThe break-even point for your business is where fixed costs plus variable costs... Read more
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Type: Calculator
Lease versus purchase calculator
The outright purchase of a fixed asset is only an option if you have sufficient funds available to you, otherwise you will need to look at some form of lease or hire purchase. Banks can often negotiate a lower purchase cost for their leased assets than you could obtain yourself. Use our calculator to... Read more
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Type: Calculator
Payback period calculator
You may be asked to help decide which resources within your business to allocate to certain projects. One way of doing this is to compare the payback period of those competing for investment.PaybackObviously, what needs to be considered when making financial decisions is: (1) the expense (the "investment");... Read more
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Type: Calculator
Bid budget workbook
Bidding for projects can be a risky business, particularly when the price will be set in advance. Bidding at a price that does not include each element of the work to be carried out will result in lower than expected profits or even a loss on the project. If your business intends to sub-contract some... Read more
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Type: Calculator
Capital investment proposal
Capital investment in new equipment or facilities is usually a significant sum. It could be funded from internal resources or it may require a new source. In either case, a well thought through proposal will ensure that you have considered all the angles properly. A capital investment proposal document... Read more
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Business valuation model
There's no right or wrong answer to how much a business is worth. Ultimately, a business is worth what someone else will pay. However, there are some basic rules of thumb to help you to calculate an indicative range of values.The asking priceYou can quickly check whether it's worth bidding for a competitor's... Read more
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Type: Calculator
Outsourcing a payroll checklist
Outsourcing the payroll function could free up your time to concentrate on other things. What factors do you need to consider when choosing and working with an external payroll services provider?Searching questionsUse our Outsourcing A Payroll Checklist to ask some searching questions of a potential... Read more
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Type: Checklist
Weighted average cost of capital calculator
Weighted average cost of capital (WACC) calculatorYour company creates value for its shareholders by earning a return on their invested capital which is above the cost of that capital. This hurdle is the yardstick by which it can judge a project proposal. If the proposal clears the hurdle, it can give... Read more
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Type: Calculator
Financial ratios
The most commonly used technique for considering financial statements is ratio analysis. Financial ratios can be used to evaluate a particular aspect of a customer's company operations and financial health. However, the challenge facing accountants is the sheer number of types of ratio that can be performed,... Read more
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Type: Miscellaneous
Sales mix calculator
Whether your company sells products or provides services, your sales are unlikely to be comprised of a single line. It's more likely that the company sells a range of products or services and it's equally likely that the gross profit margins achieved differ across the range. For a new product range,... Read more
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Type: Calculator
Customer profitability report
The objective of a customer profitability report is to increase the overall profitability of the business by focusing scarce sales resources on the most profitable customers. You can also use the report to ensure unprofitable customers don't qualify for any discounts or offers.CostsYou can help to improve... Read more
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Type: Calculator
Variance report
If the financial results differ from that which was expected, it's important to present explanations as to why this has happened. However, it's often easy to assume a glib and sometimes convenient reason for these variances instead of revealing the truth. It's better to set out each of the major elements... Read more
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Type: Calculator
Capital expenditure budget
Capital expenditure (capex) refers to the money spent to acquire the physical assets of a business. The role of a capex budget is to take account of all expenditures that are required to replace worn-out or depleted assets and to acquire additional fixed assets. As a commitment to fixed assets can involve... Read more
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Type: Calculator
Purchase ledger review
With computerised accounting systems, it's easy for the purchase ledger to appear to be in good order. The purchase ledger control account will correspond with the total amounts showing as due on the individual supplier accounts. However, the purchase (or suppliers') ledger can become messy if not regularly... Read more
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Type: Calculator
Days payable oustanding worksheet
Days payable outstanding worksheetThe days payable outstanding (DPO) ratio is extremely important. It shows how long it takes you to pay your suppliers which is a key component in your company's formula for calculating working capital. Businesses must maintain proper amounts of working capital to pay... Read more
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Type: Calculator
Cash requirements report
When you go on annual leave the directors may worry that the company will run out of cash in your absence or fail to pay key suppliers. How can you set their minds at ease?Comfort zoneThe directors have asked you to spell out exactly what the company is spending its cash on and want you to: (1) prepare... Read more
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Type: Calculator
Cash control checklist
Over the last few years there have been a number of high profile company fraud cases. How do you reassure your MD that your company will not fall victim to an internal fraud on your watch?Five fundamentalsThe five things you can implement to help ensure your company is protected against this type of... Read more
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Type: Checklist
PEST worksheet
In order to make decisions and put your forecasts together, you need to understand the fast-changing external environment your business operates in. A PEST analysis is a tool to help you understand that wider context which might impact on the detailed numbers you are putting together.Periods of changePEST... Read more
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Type: Miscellaneous
Scenario planning template
Predicting the future is never easy, and that's particularly the case when developing business plans. Budgets can become outdated or even an impediment to financial decision-making. How can you rise above this problem?Key variablesSidestep this problem by identifying the key variables, or drivers, that... Read more
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Type: Calculator
Structure for a business plan
Confusing a financial budget with a business plan will lead your organisation into the trap of repeating past performance. What are the key features of a good business plan?Strategies and objectivesA good business plan drives the business towards its specified goals by addressing activities, accountabilities,... Read more
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Type: Miscellaneous
Strategic goal setting
Strategic business planning involves more than simply preparing a budget or one-year plan. You will need a set of business goals, say, covering the next three years to form part of the budgeting process. Your managing director (MD) will no doubt have ambitions for the business, so how can you easily... Read more
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Type: Calculator
Business plan budget cash flow
It's often left to you to understand and monitor the most critical factor for a new business venture - cash flow! Working capital is a key part of a new business's plan because small changes in sales demand can have a disproportionate impact on cash.Working capitalPrepare a likely and worst case scenario... Read more
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Type: Calculator
Questioning a sales forecast
The sales forecast is perhaps the most important set of numbers to come out of the budgetary process. The sales figure is the driver for all direct expenses and some indirect ones. It's used to predict the cash flow forecast, the profit and loss account and ultimately the viability of the whole company.... Read more
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Type: Miscellaneous
Business plan budget workbook
Financial planning for a new business is critical but it's often overlooked because the owners/directors can be overly engaged with trying to drive sales. So your involvement in building up a budget for the business plan can be critical. Building up the budgetIn our Business Plan Budget Workbook you... Read more
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Type: Calculator
Debtor days calculator
As the accountant you will be interested in any amounts due from customers that are well past due in your debtors' ageing report. However, the board prefer to look at key figures. One of these is debtor days, i.e. how long it takes your customers to pay.Base numbersQuite naturally you start your analysis... Read more
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Type: Calculator

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