Accounting and Finance Importance | Ekstra Accounting Solutions

Accounting and Finance Why it is important ?

The key to really understanding your business lies in being able to make sense of the numbers. They will tell a story all on their very own. If you can make sense of this story you will most definitely be better informed and consequently, be able to make better decisions moving forward. This could be the thing that helps you achieve great success or simply avoid failure. It is that powerful.

What is the point?

In a nutshell, if you don’t know where your money is either coming from or going then there is a good chance you will lose control of your business. When you can manage this even in the simplest of terms there is a stronger potential for growth and improved profitability.

How can I do this easily?

Well, accounting is all about keeping financial records. The simplest and easiest way is to use some form of accounting software. At Ekstra Accounting Solutions we partner with Xero the cloud accounting software provider. At the simplest level, you can keep track of your income and your expenses using mobile applications to capture your financial documents as you go, save and store your documents electronically as well as being able to attach them to your transactions. All with the use of the camera on your phone!

What then?

Well once you have captured the actuals you can then get access to some simple reports that will tell you how much you have made in income and how much expenditure you have also incurred leaving you with either a profit or a loss. Now with this information to hand, you have a clearer picture of your cashflow and as we all know “cash is king”.

Why is it important ?

In my opinion, there are 5 main reasons for keeping financial records in any business.

Legal obligations to HMRC and companies house is registered as a limited company
Analysing performance. Gives you the ability to check to see how your business is doing
External communication. It’s important when you go to banks and lending institutions or even seeking grants that you have evidence of your past performance on which they will base their decision
Creation of budget. Using your financial records enables you to create a budget, a plan if you like of what you are going to achieve in the future. You know the old saying “If you fail to plan you plan to fail”
Developing a strategy. Once you have a budget and compared it to your actuals it should help you to have a better understanding to develop a strategy to achieve your goals.

Accounting is therefore like the language of your business and it is also the way we accountants determine the “health” of your business.

Do I really need an accountant to do this for me?

Not to avoid answering this question but I saw this picture on a recent LinkedIn post that was all about that specific question. A picture says more than 1000 words. I think you know what I mean. Clearly, these guys can build a wall!!!!

In our experience, there are five stages to a business Lifecycle that ranges from business start-up through to fully established and in growth mode.

At Ekstra Accounting Solutions we cater for each stage of that journey offering services tailored to your specific situation. Go along to our website to find out more about what these are.

What is the role of a professional accountant?

I see the role of the modern accountant as one who asks the challenging questions, resolves issues, provides solutions, and offers an objective independent view. In my view, it is not someone who just does the adding up or even checking that you have done your sums correctly. After all, you can get software that is so simple and easy to use in today’s era of modern technology that will capture and record all the information for you. What you really need is someone to help you to understand and make sense of it all. To find out the “story” of your business and then help you to make the improvements and changes that you desire.

Ekstra Accounting Solutions – Why are we different?

Well, we see ourselves as that valuable asset providing guidance, advice, and help in businesses to reduce cost, improve the top and bottom lines, and mitigate risks. Our focus is on “engaging, educating, and empowering” you the business owner to help you create and drive the strategic direction of the business as and when you need it. Included in our fees are unlimited advice and support to all our clients. Our motto is “Your success is our goal”
If you would like to find out more about us why not contact us today to discuss your needs and requirements

Client Testimonials

    
 
 
         Patrick Wood 
 
 
 
  Janet has been a great asset during the first year of running my business.  Easy to work with, helped me when I needed help and advice.  It's really reassuring that I know who I'm going to be speaking to on the phone or email and not getting passed round an office.

My end of year has just been completed with no dramas or panic and I know that was because she helped me get set up the right way rather than letting me go down the wrong path at the start.

Would definitely recommend.
  
 
        Paulene Anderson 
 
 
 
  It was a great bonus to have Janet referred to me.  Janet is a very knowledgeable accountant and explained everything that I needed to know about my accounts. Extremely diligent, dedicated and professional at all times.
  
 
        Sandra Parry 
 
 
 
  Engaging Ekstra Accounting Solutions has given me peace of mind about my business finances.  Janet has been very professional and always there for help and advice when needed.  I no longer stress about year end, quite the opposite, such is my faith in Janet doing an excellent job I have been motivated to have everything ready to hand over very soon after 5th April.  I would highly recommend her to anyone seeking efficiency and professionalism from their Accountant.
  
 
        Sarah Donnelly 
 
 
 
  Janet was excellent. Very prompt replies to emails, explained everything to me and was able to get a fairly complicated case resolved very quickly. I would highly recommend Ekstra Accounting Solutions.
  
 
        Martyn Watters 
 
 
 
  Ekstra Accounting Solutions helped me get my business back on track financially in every sense especially with VAT. My company was deregistered for vat in error by HMRC. As a result, I lost my VAT number which meant that my company could not claim any VAT back on imports for about 18 months. This impacted my business substantially and I struggled to find someone to help me resolve this issue.  Janet took my company accounts and sorted everything out which was no mean feat.  Janet even assembled a team of specialists to advise on how best to address the VAT issue.  The end result is my company is now back on track and fully compliant with HMRC.  Thank you so much Janet you’re a star, I am truly grateful that this is no longer hanging over me and my business
  
 
        Leslie Altic 
 
 
 
  Janet has provided such invaluable advice and support, which has been greatly appreciated! As the treasurer of a newly established Northern Irish charity, the world of HMRC, corporation tax and Companies House is completely new to me. The experience and expertise of Ekstra Accounting Solutions in helping us prepare our end-of-year accounts was so reassuring to myself and the Board, and I wouldn't hesitate to use their services again or to recommend their services to any other charities or business! Thanks so much Janet for your support, your willingness and interest in helping a new charity and for calming my nerves!
  
 
        Stephen Roddy 
 
 
 
  Janet reached out to me online after I posted on Social media looking for an accountant. She made the whole process comprehensible and uncomplicated, which is what I was looking for. She is very responsive and easy to get a hold of when I need help. If you're looking for an accountant, one who is composed and friendly, I'd recommend contacting her. Thanks
  
 
        Joan Simpson 
 
 
 
  Janet's professionalism and dedication in converting our Church accounts from simple spreadsheet format to Charity Commission Northern Ireland format has been exceptional.  It has been a pleasure to work with her.
  
 
        Ian Roddy 
 
 
 
  Janet offers a friendly, professional and well informed accountancy service. Nothing is ever to much trouble and in the relatively short time I have been with her, she has saved me both time and money. I cannot recommend Ekstra Accounting Solutions highly enough!
  
 
        Kellie Forbes 
 
 
 
  What a treasure we found when Janet appeared on our radar! From the initial contact to the accounting business support we now have, Janet has been so supportive. As a charity our accounts can be quite tedious but Janet has been so knowledgable in setting up and managing our accounts. She enabled us to take our bookkeeping and financial recordings to a whole new level in Xero.
I highly trust and recommend her services!
  
 
  
 
  
 
   Google rating score: 5.0 of 5, based on 12 reviews,showing our latest reviews

Patrick Wood

Janet has been a great asset during the first year of running my business. Easy to work with, helped me when I needed help and advice. It's really reassuring that I know who I'm going to be speaking to on the phone or email and not getting passed round an office. My end of year has just been completed with no dramas or panic and I know that was because she helped me get set up the right way rather than letting me go down the wrong path at the start. Would definitely recommend.

Paulene Anderson

It was a great bonus to have Janet referred to me. Janet is a very knowledgeable accountant and explained everything that I needed to know about my accounts. Extremely diligent, dedicated and professional at all times.

Sandra Parry

Engaging Ekstra Accounting Solutions has given me peace of mind about my business finances. Janet has been very professional and always there for help and advice when needed. I no longer stress about year end, quite the opposite, such is my faith in Janet doing an excellent job I have been motivated to have everything ready to hand over very soon after 5th April. I would highly recommend her to anyone seeking efficiency and professionalism from their Accountant.

Sarah Donnelly

Janet was excellent. Very prompt replies to emails, explained everything to me and was able to get a fairly complicated case resolved very quickly. I would highly recommend Ekstra Accounting Solutions.

Martyn Watters

Ekstra Accounting Solutions helped me get my business back on track financially in every sense especially with VAT. My company was deregistered for vat in error by HMRC. As a result, I lost my VAT number which meant that my company could not claim any VAT back on imports for about 18 months. This impacted my business substantially and I struggled to find someone to help me resolve this issue. Janet took my company accounts and sorted everything out which was no mean feat. Janet even assembled a team of specialists to advise on how best to address the VAT issue. The end result is my company is now back on track and fully compliant with HMRC. Thank you so much Janet you’re a star, I am truly grateful that this is no longer hanging over me and my business

Leslie Altic

Janet has provided such invaluable advice and support, which has been greatly appreciated! As the treasurer of a newly established Northern Irish charity, the world of HMRC, corporation tax and Companies House is completely new to me. The experience and expertise of Ekstra Accounting Solutions in helping us prepare our end-of-year accounts was so reassuring to myself and the Board, and I wouldn't hesitate to use their services again or to recommend their services to any other charities or business! Thanks so much Janet for your support, your willingness and interest in helping a new charity and for calming my nerves!

Stephen Roddy

Janet reached out to me online after I posted on Social media looking for an accountant. She made the whole process comprehensible and uncomplicated, which is what I was looking for. She is very responsive and easy to get a hold of when I need help. If you're looking for an accountant, one who is composed and friendly, I'd recommend contacting her. Thanks

Joan Simpson

Janet's professionalism and dedication in converting our Church accounts from simple spreadsheet format to Charity Commission Northern Ireland format has been exceptional. It has been a pleasure to work with her.

Ian Roddy

Janet offers a friendly, professional and well informed accountancy service. Nothing is ever to much trouble and in the relatively short time I have been with her, she has saved me both time and money. I cannot recommend Ekstra Accounting Solutions highly enough!

Kellie Forbes

What a treasure we found when Janet appeared on our radar! From the initial contact to the accounting business support we now have, Janet has been so supportive. As a charity our accounts can be quite tedious but Janet has been so knowledgable in setting up and managing our accounts. She enabled us to take our bookkeeping and financial recordings to a whole new level in Xero. I highly trust and recommend her services!

Accounting and Finance - Why it is important to your business