Having a framework for financial control in your business is absolutely essential for you to be able to grow and progress as an organisation and a business leader.
For our clients, we introduce the idea of Financial Mastery as a pillar of success with Ascentis Accountants. Having full control over your finances informs you as a business leader to make the best decisions for your business.
Time and time again we see many businesses blind to where their money comes from or goes out to and we understand how frustrating it is to grow from there.
Our framework for financial control uses an accounting software that integrates with existing processes within the business, accessible any time and that reports timely and accurately.
We recommend Xero.
We believe Xero is the best accounting software available right now, and is absolutely essential in helping us and our clients implement financial mastery.
Our Framework for Financial Control: What is Financial Mastery?
As we mentioned above, this is one of our four pillars of success: Financial Mastery, Next Level Services, Tax Minimisation and Troubleshooting.
It’s the methodology we use to support our clients in not only reaching their business goals, but achieving their personal vision too.
Financial Mastery is the principle of giving our clients full control over their finances, helping business leaders gain a:
- Clear understanding of profit – You will not only have a clear view on the profit of your business at-a-glance, you’ll also be able to filter this down into department, project and product, allowing you to understand immediately what’s working, and what needs more of your attention.
- Budget overview – When achieving financial mastery and working towards business goals, you need to be able to compare your actual performance against expected. This allows you to track your progress and make changes if you need to.
- KPI tracking – In order to gain full control and move toward growth, you need to see your KPI progress in a clear format so you can keep track.
- Credit scoring – Your credit score lets the world know more about your business. With full financial mastery, they’ll see something to take note of.
Crucially, all of this will not only give you mastery over the full scope of your finances, it can also help you drive toward development.
With this information at your fingertips, you will be able to make decisions and take actions that will help your business grow strategically. You will be able to identify areas where work is needed, take action to make improvements and take your business to the next level.
Read our financial mastery case studies to find out how we’ve achieved this for our clients in the past.
So, how do we do it? Let’s talk about Xero.
Xero and Financial Mastery
Knowledge, clarity and informed decision making are essential to developing your business, and our financial mastery pillar gives you all of that.
In order to implement this, we use Xero Accounting cloud-based accounting software. We think this is the best product available to run a business, provide the oversight and access needed to gain full control of your finances.
Key Xero Features For Financial Control
Some of the key features of Xero that we think you should know are:
- Unfettered access – The cloud-based format of Xero ensures you can access your accounts at any time, from anywhere, as long as you have internet access. So, you and your accounting team can keep track of everything with real-time information.
- Immediate oversight – All transactions that take place within your accounts are immediately available on Xero. Plus, your receipts and invoices are automatically posted into your account too, saving you precious time and money on operating costs.
- User friendly – Xero is incredibly easy to use, with an app you can install on your phone or review on your computer.
- Drillable transactions – You can get down to the detail of every transaction to understand which project, product and department each one is coming from.
- Document management – Xero includes a document management system which allows you to keep all of your financial records in one place, which you can access with ease.
- Monthly payments – There is no upfront cost for using Xero software, instead a monthly subscription is far easier to manage.
- Adaptable – Each business is unique and has different requirements from its accounting software and services. Xero is compatible with a huge range of other softwares, allowing for seamless integrations with many other popular softwares.
All of these features allow us to help our clients move towards the overarching goal of achieving financial mastery, as we’ve described above.
And, when you work with Ascentis Accountants, you can rest assured that we are experts in migrating, integrating and maintaining Xero into a range of different businesses.
Find out more about how why we use Xero here.
Using Xero With Ascentis
We have a proven track record of working with Xero and creating financial mastery for our clients. In fact, because we have such expertise in using this software, we’re proud to have achieved Xero Platinum Partner status.
This means our expertise, experience and skill in using this software has been recognised by Xero to achieve the highest certification they offer to accountancy firms.
Our team helps migrate clients seamlessly onto the Xero platform. Helping to integrate other financial softwares and provide ongoing support to clients.
So, if you’re interested in gaining financial mastery, growing your business and switching to Xero, get in touch with our team today.