All businesses that are “scaling up” need to ensure that accurate financial accounts are prepared each month, fully reviewed by the leadership team and then submitted to the Board of Directors or Board of Advice for consideration.
At the end of each month, the key supporting documentation should be analysed to determine:
A company that is intent on “scaling up” needs to ensure that accurate financial data is available promptly throughout the year. This will assist directors if they wish to have discussions with lenders or potential investors in the company.
Preparing regular prompt financial accounts during the year requires a system to be implemented.