For the unenlightened, administration does not have a good press. For those who do not understand the importance or benefit of good, straightforward admin it is seen as a function which slows things down, introduces a layer of bureaucracy and increases the overheads.

In reality, however, administration is the function which makes the difference between an average business and an excellent one. As exciting as it might be to develop new products and services or meet people as part of the marketing and sales effort, this amounts to nothing if the day to day running of the business is mired in confusion and disorganisation.

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Every business needs a certain amount of financial information by law, but successful businesses always produce more information than is required because they want to ensure that they use financial data to the full in order that they can maximise their profit.

The majority of business owners and managers do not receive any formal training in finance, which means that for much of the time they are unable to harness the power of their information to take day to day decisions that lead to better business management and higher profits.

There are four main types of financial information.

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There is a clear link between business efficiency and the level of profit.

The majority of businesses strive valiantly to make progress but very few reach anywhere near their full potential. If your organisation is not firing on all cylinders you will win less business and be less efficient. Therefore profits will be much lower than they should be.

After 2 years of recession, a large number of small businesses identified obstacles to success:

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