A new app designed to help businesses maximise their profit potential is being launched this week by Leicestershire accountancy firm Charnwood Accountants.
The tool aims to provide companies with greater clarity on their financial performance as they plot their long-term growth. The Profit Predictor was designed so companies can simply and easily check how much money they were generating.
The app was developed for Charnwood by Leicestershire-based Swipe & Tap.
The idea was to help businesses quickly and efficiently gain the detailed information they needed to set viable turnover targets and move their business forward. The Profit Predictor will help our clients to grow their businesses by equipping them with the key financial performance criteria they need to progress towards their financial targets.
For many owner-managed businesses, performance is measured by turnover, as that can be easily reviewed year on year or month on month.
The app was designed to perform a true breakeven analysis, identifying the value of sales required in order to cover the costs of the business and the required takeout of the business owners. Once a core base line is established, this can be simply adjusted to factor in, for example a pension contribution, or an increased dividend.
The Profit Predictor app will work back from your desired takeout, accounting for the current business costs and gross profit margin to establish the required business turnover. Plus, it will inform you of your estimated Corporation Tax to put aside if you hit your target.
Charnwood Accountants had been using the principles of the app for many years, to help clients to better understand the link between their financial targets compared with the level of turnover required to attain them.
The app’s features include allowing users to: check changes in business overheads; review the effect of changes in gross margin on required turnover; see the effects of increased or decreased takeout from a business and change directors’ takeout mix to include a pension contribution.
The free Profit Predictor is available at apple store in the business category and can be downloaded here:
Swipe & Tap is a Leicestershire-based independent mobile app development company.