How deep financial data helps you make better business decisions

As a business owner, you want to make the best possible decisions for your business. The choices you make regarding strategy, spending, revenue generation and cashflow management can all have a major impact on the long-term future of the company.

With the right tech stack and accounting software, and assistance from your awesome accountant, it's possible to have genuine real-time information about your business finances, and create a roadmap for your business goals and strategies.

Xero and Fathom work beautifully together. We're all sure you've heard of Xero by now. However, Fathom is an all-in-one reporting, analysis & forecasting tool that we use here at Cross Group.

Fathom combines fast cashflow forecasting and actionable financial insights into one refreshingly easy business management solution. We're able to generate high quality reports that help you make informed business decisions.

We've dug out five key ways that real-time financial data can help drive your business decisions.

1. Informed Decision Making

Real-time financial data allows for strategic decision-making based on the most current information. You can monitor marketing budgets, sales trends, and identify cost-cutting opportunities with a comprehensive dashboard. This enables quick reactions to business opportunities and threats, ensuring you're always informed and prepared.

2. Optimised Cashflow Management

Access to real-time cash data is crucial for effective cashflow planning and management. It helps in anticipating expenses, predicting shortfalls, and making informed borrowing or investment decisions. This visibility ensures sufficient funds for operational costs, preventing cashflow issues that could impede growth.

3. Dynamic Budgeting and Forecasting

Moving away from static spreadsheets to real-time budgeting and forecasting allows for dynamic tracking of financial goals. You can identify budget variances and adjust strategies accordingly. Accurate data improves forecasting, leading to better resource allocation and financial planning.

4. Profit Maximisation

Real-time data helps identify areas for cost reduction and revenue optimization. By tracking key metrics, you can refine marketing strategies and adjust pricing based on customer trends to maximize profitability. This ensures you can quickly respond to changes and optimize your financial performance.

5. Confidence in Growth

 Having real-time financial data at your fingertips boosts confidence in managing your business finances. It provides transparency, enabling you to share key metrics with stakeholders and demonstrating good financial management. This transparency is appealing to investors, lenders, and partners, indicating the viability of your business. 

Book a free meeting below to discuss how we can help you achieve all of the above