Recently, I was asked to review the accounts of an organisation whose in-house bookkeeper had prepared the figures.
The board had been meeting regularly to review the numbers — but no one could make sense of them.
It didn’t take long to see why.
In some reports, the accounts were prepared on a cash basis — showing what had actually gone in and out of the bank.
On other reports, they were prepared on an accrual basis — showing income and expenses when they were earned or incurred, regardless of when the money moved.
In short, it was a complete mish-mash.
No wonder the directors were baffled.
When I asked the bookkeeper why she’d done it this way, her answer floored me.
“I was told to do it like that years ago.”
And in all that time, no one had ever challenged it — including her.
What happened here is far from unusual.
In many businesses, the accounting still runs exactly as it did years ago — when the company was smaller, less complex and the numbers didn’t need to tell such a sophisticated story.
But while everything else in the business grows up and professionalises — the sales team, operations, marketing — the accounts often stay stuck in the past.
Why?
Because the owner either doesn’t find the financial side interesting… doesn’t feel confident enough to question it… or trusts that “the person who’s always done it” must still be doing it right.
The cost of that complacency is huge.
When you’re making decisions based on confused and inconsistent data, you’re flying blind.
And that can never be good for business.
This kind of situation is more common than you’d think — whether it’s using outdated software that can’t provide the level of reporting you now need… bookkeepers who don’t fully understand modern tools… or long-standing habits that have quietly been wrong for years.
If you’re still managing your accounts in-house, it’s worth asking yourself:
- Are your systems, people and processes truly fit for purpose?
- Or do they look much the same as they did five — or even ten — years ago?
Accounting has changed dramatically in just the last few years. Cloud-based systems, automation and AI now make it possible to get instant clarity and analysis at a level that used to take days or weeks.
If you’re still working the old way, you’re falling behind — and your numbers aren’t giving you the insight you need to run a £1m+ business.
As your business grows, your accounting needs to grow up too.
That means questioning long-standing habits, updating outdated processes, and sometimes rethinking who’s actually doing the work.
Because “we’ve always done it that way” isn’t a justification — it’s a red flag.
When you work with Insight Associates, we help you rapidly bring your accounting department up to world-class standards.
We’ll review how your accounts are being managed today, then install turnkey systems, processes and tools that make your finance function fit for purpose. More than that, you’ll get the insight, clarity and analysis you need to increase profitability and accelerate growth.
To find out more, get in touch today. Just email garry@insightassociates.co.uk to this email or call our office on 01279 647 447 to arrange a no-obligation consultation with me or one of our specialists.
We’ll talk about how you’re managing your finances today, where you need to be — and how we can help you bridge that gap.
Warmly,
Garry
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