Of course, you do, you have an on-line accounting system that produces them.
Are so many small businesses paying us to find out why their cash does not meet with what their system says it should be?
Is the bank telling you that you don’t have money, while you know there should be money there?
That is when you call us.
We look at why you are short of money. Is it because you’re not being paid quickly enough? Are you paying your suppliers too quickly? Is your money in your high stock level or are your reporting systems failing you? Usually one of these is the problem, however, this takes time to correct.
You are not alone, even our biggest companies have reporting failures. In 2016 Marks & Spencer's chief financial officer, Helen Weir, was forced to issue a correction to its quarterly trading statement.
Then there was the clothing retailer, SuperGroup, the owner of the Superdry, who said “arithmetical errors” led to a £2.5m shortfall in its wholesale business, which had the effect of wiping £170m off the company's value. Then its shares crashed 38% to 351.8p.
It can be even worse. In 2018 it led to the death of Conviviality PLC., a company that was valued at £500M on 1st January, then went bust in March the same year, all because they didn’t keep proper accounting records!
Therefore, please, check that your reporting systems are working correctly and if you would like an independent look, contact us.