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As an entrepreneur, you always want to be in complete control of your business. Sales, Finance & Operations are functions which take up bulk of your time. But things can be a lot simpler, if you have experts on hand to advise you about the right path forward.
Especially in finance and bookkeeping, it is very common for business owners to have lack of clarity about all the elements involved in accounting and related compliance,s. Availability of MIS in time is the first step towards making timely and right decisions. A detailed MIS such as profitability statement, geographical region wise sales revenue, comparison of actual expenses against budgeted expenses goes in a long way to control things at right time before damage is caused.
1) Get in an expert
It is common to see entrepreneurs spend significant time and energy in keeping track of book-keeping entries, accounting adjustments, all the relevant compliance's. Any business coach or strategy guru would advise you against this practice. It makes best sense to focus on areas, which are your core competencies. Most of the other functions, which are peripheral and supporting functions, should be managed by relevant experts in that field.
2) Invest in strong MIS reporting
Once you have an expert, make sure that you are consuming intelligent information for decision making. Let it be the partner’s job to make sense of all the data and generate the necessary reports for you. That way, you can continue to keep focus on what’s good for your business. The standardised report formats and defining a frequency for its consumption and review helps streamline several decisions.
3) Ensure process adherence
An expert can help you streamline your entire accounting and finance process, so that all activities are done based on a fixed schedule and in-time. Especially when it comes to compliance's, it makes sense to ensure that everything is completed at the right time to ensure that you are not imposed any heavy penalties.
4) Create a compliance dashboard and calendar
Once you are clear about what compliance's apply to your business, make sure that your partner invests time to get all this activities on a regular schedule. It then becomes the responsibility of the partner to chase you down and ensure that all the compliance's for your business are taken care of, in time.
Hence it is important to Understand that only accounting does not help unless it is supported by regular and accurate MIS reporting system. While outsourcing your accounting function – it is important to ensure that the accounting partner is capable of providing MIS services
I hope the ideas in this article helps you take control of your business and makes life a bit simpler for you. If you have any suggestions or questions, feel free to connect with me on firstname.lastname@example.org
Mr. Abhishek Shrivastav
Electronica Finsmart Solutions Private Limited