I had an awesome session with a client today. They have inherited an MYOB data file with an enormous chart of accounts. The accountant spends two days every month analysing the data, into separate cost centres, for the board of directors. I have spent several sessions with the accountant discussing what MYOB is capable of, and what management information it can generate. We worked together to understand what management information the board wanted, and what MYOB could produce. After several meetings, I went in today to weave my magic. I reduced the INCOME lines from 120 to 28, and then thru further refinement and grouping down to 15. I don’t want any income lines that are redundant, not relevant or are simply to specific. I never want to see an income line – income from project x. The income lines should be generic, and coded to jobs, for specific detailed analysis. I then reviewed all transactions and allocated Job codes to them.
The client came in to look at what I had done. He said I had lifted a huge weight of his shoulders, and was very relieved with the outcome. I then presented him with the Job Profit and Loss Statements, for 8 different areas, and we reconciled them to what he had taken two days to produce. In most cases they matched perfectly, and the only minor errors we identified, were with the manually created profit and loss statement.
The client now has information that is meaningful, and is quickly able to report on different cost centres. He also has two days of his life back every month!
Sensational!
Heather Smith and her team at ANISE Consulting, have assisted in setting up and supporting over 300 small businesses in Brisbane and beyond. Their focus is on cashflow management. They are leading experts in MYOB Accounting software and are dabbling in Xero. For further assistance please contact us http://www.aniseconsulting.com/contactUs.html or join us;
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