Why do we give all of our clients this system?

Quite simply because research shows that businesses want more from their accountants.

Its creation was inspired by this extract from a recent publication by The Institute of Chartered Accountants in England and Wales…

“every aircraft in the world would be grounded if air traffic control relied on the same type of system as companies use to report their information…current reporting formats provide too little too late”

…we have worked with hundreds of other leading accountants across the UK to formalise an 8-step best-practice process.

Called The AVN Performance Measurement and Improvement System, it is based on what the UK's most successful businesses do every single year. And the 8 sections of this folder - which we have co-developed with those other firms - follow those same 8 steps in exactly the same order.

Step 1 Decide what you want to achieve in the year - i.e. take your goals and plans and turn them into forecasts and budgets.

Step 2 Measure how well you actually perform each month - using a combination of traditional management accounting information and other key performance indicators, so that you have your finger on the pulse of everything that matters. And then use that information to fine-tune your action plans.

Step 3 Measure your full year's performance - by producing full financial accounts at the end of the year, as required by law.

Step 4 Evaluate your performance by comparing to previous years - so that the underlying trends are crystal clear.

Step 5 Evaluate your performance by comparing it to the rest of your industry - using benchmarking to identify your strengths and weaknesses.

Step 6 Estimate how much your business is worth - so that you can assess how well you are creating value for the business owners.

Step 7 Calculate how much more profitable and valuable your business could be - use everything you have learned about your own performance and the performance of others to estimate how much more successful your business could be.

Step 8 Develop a performance improvement plan - ie an action plan setting out precisely what you are going to do to improve your performance.

It is, of course, entirely up to you how much input and support you want in those eight steps.

If you would like to find out more about PMIS, or if you would like a free copy of the folder, please contact us at mail@kandh.co.uk