Helping Clients Achieve Financial Goals
Duncan Lloyd, the Executive Director of Cloudaccountant.com, a traditional firm of Profit First accountants, recently sat down with Reach Reporting to discuss how financial reporting helps his clients achieve their financial goals.
Lloyd shared that Cloudaccountant.com’s objective is to help clients make more money, not just manage their accounts. The team meets with clients monthly to share a report, discuss numbers, and ensure they are on target for their EBITDA.
Five Metrics to Focus On
Cloudaccountant.com focuses on five metrics for clarity, including revenue, revenue per employee, cash, operating profit, and growth profit. Then, they create two or three actions for each client to push them to improve their business and achieve their financial goals.
When it comes to financial reporting, Lloyd emphasized the importance of simplicity, avoiding accounting jargon, and maintaining open lines of communication with clients. He recommends providing only the data clients need in an easy-to-understand format, communicating in layman’s terms, and teaching clients how to read the reports to make strategic decisions.
Implementing Technology
Cloudaccountant.com found that Reach Reporting’s excel-like functionality and easy-to-learn platform were essential for implementing financial reporting in a remote environment. The team was up and running with Reach Reporting in six weeks, and they have noticed a 25% reduction in time spent producing reports.
Quality Reports Attract More Clients
Lloyd noted that Reach Reporting has helped his company improve accuracy, automate reporting, and consolidate reports for group positions, attracting more clients and increasing profitability. He recommends Reach Reporting to other firms, highlighting its ability to create simple, visually appealing reports that clients can understand and use to make strategic business decisions.