Dashboards and reports provide real-time information about cashflow, balance sheets, income statements, etc.
What is real-time financial reporting?
Real-time financial reporting involves the continuous, instant and up-to-date collection and presentation of financial data. This allows you to access the most current financial information at any given moment, rather than waiting for periodic reports, such as monthly or quarterly statements.
How can Prevail help with real-time financial reporting?
We recommend the Xero cloud-based accountancy software and have supported many of our clients to make the transition to Xero.
Xero provides access to online accounting tools to track sales, costs, cash spent and outstanding balances. View your financial data anytime, anywhere, so you’re always in control of your business’ financial health.
How can Prevail help with real-time financial reporting?
We recommend the Xero cloud-based accountancy software and have supported many of our clients to make the transition to Xero.
Xero provides access to online accounting tools to track sales, costs, cash spent and outstanding balances. View your financial data anytime, anywhere, so you’re always in control of your business’ financial health.
What are the common pitfalls for construction industry businesses?
Staying on top of financial information can be a real challenge for small and mid-size business owners. There are so many demands on your time, financial reporting often has to take a back seat – yet it is fundamental to the success of your business.
The challenge is often even harder for small and mid-size businesses in the construction sector, where finances can be incredibly complex and fast-moving.
Where does Prevail add value?
Prevail helps you put in place the systems, processes and reporting to make it easy for you to stay on top of the crucial financial information about the performance of your business.
With Xero, financial data is updated and accessible in real-time, providing an immediate snapshot of the current financial status. Transactions and financial activities can be automatically recorded and processed by accounting software, eliminating the need for manual data entry. Real-time reports present you with the most recent data, offering an accurate and current view of your business’ financial performance.
When you choose our entry-level Snowdon service, you’ll also receive concise monthly reports that summarise past periods and present your current financial position. We make it easy for you to stay updated with accurate insights into your business’s performance every month.
When you choose our more advanced service, K2, we will typically meet with you on a monthly basis to go through the figures and provide ongoing support and business advice to ensure you keep on track. Acting as your in-house management accountant, we provide monthly management accounts. These reports give you an accurate view of your finances, business performance and budgets and empower you to make the right short-term and long-term decisions.