Effective financial management is a cornerstone of success for individuals and businesses alike. However, many business owners find that they don’t understand their financials as well as they would like. Are they getting the right things from their accountant? How can they use the numbers to actually improve their profitability? Without a guide, understanding and using your financial statements to make business decisions can feel overwhelming.  

Patrick Accounting is a Memphis-based accounting firm with over 20 years of experience helping businesses with bookkeeping and strategic tax advisory. After years of working collaboratively with business owners, the Patrick Accounting team has continued to develop the process to provide owners with insight and consistent guidance to get the most out their books. This guide has been the same process for all of Patrick Accounting’s clients and will detail how it can be set up for your business to thrive by updating the standard chart of accounts, delivering reports with comparative metrics, and providing a clear and regular picture of your financial standing, can drive you toward financial prosperity and success.  

Standard Chart of Accounts for Optimal Cost Tracking 

One of the distinct advantages of partnering with Patrick Accounting is their expertise in reorganizing the standard chart of accounts to facilitate the most accurate cost tracking. By the diligent organization of your financial data, they can categorize and allocate expenses, providing you with a clear understanding of where your money is being spent. This strategic & proactive approach enables you to identify areas to improve, recognize categories for potential cost-saving measures, and optimize your financial resources to be the most effective. 

Reorganizing the accounts involves creating a structured standard chart of accounts, custom-tailored to your specific financial needs to give you better clarity and understanding of your business’s overall expenses. With Patrick Accounting’s support, you can streamline your expense tracking processes, making it easier to monitor your key performance metrics and make informed financial decisions. 

Delivering Reports with Comparative Metrics for Enhanced Trend Analysis 

Beyond the standard financial statements, Patrick Accounting’s reports are enriched with comparative metrics that unlock a deeper level of trend analysis. These metrics provide historical data, allowing you to identify patterns and trends over time. By understanding how your financial performance has evolved, you gain valuable insights into the efficiency of your strategies and operations. 

Comparing your top key performance metrics internally month over month and year over year alongside comparing the data against industry standards and competitors, enabling you to gauge your performance relative to others in the market. Armed with this valuable information, you can adjust your financial strategies, capitalize on emerging opportunities, and address potential challenges proactively. 

Providing a Clear and Regular Picture of Your Financial Standing 

With Patrick Accounting, you can expect to receive comprehensive financial statements on a regular basis. Rather than waiting for quarterly or annual reports, you will have a monthly snapshot of your financial health. This timeliness empowers you to make informed decisions promptly, seizing opportunities and addressing issues before they escalate. 

Having a clear and regular picture of your financial standing fosters a sense of control and stability. You can confidently navigate the financial landscape, knowing that you are well-informed about your cash flow, expenses, and profitability. This regular financial checkup enables you to align your financial strategies with your long-term goals, making your journey toward financial success more purposeful and effective. 

Proactive Support: Going Above and Beyond 

Patrick Accounting distinguishes itself by offering proactive support to its clients, along with Strategic Tax Planning. Rather than just providing financial data, they actively engage with you to understand your financial goals and minimize any unwelcomed Tax Surprise at year end. This personalized approach allows them to tailor their services to your specific needs, ensuring that you receive the most relevant and valuable insights for profitability. 

Moreover, Patrick Accounting proactively reaches out to clients with queries regarding revenues and expenses. By collaborating with you on data accuracy, they ensure that your financial statements are based on the most reliable and up-to-date information. This level of diligence and attention to detail sets Patrick Accounting apart as a dedicated and reliable financial partner. 

Patrick Accounting can help you achieve financial stability

Partnering with Patrick Accounting promises a transformational experience for your financial management. Their consistent, organized approach will allow you to achieve greater financial stability and success. By engaging with the staff’s insights, you can optimize your cost tracking, identify trends for strategic decision-making, and make informed decisions that propel you toward your long-term goals. 

Looking to learn more? Check out this article about How Labor Cost Impacts Your Profitability.