Management accounts gives knowledge of business and knowledge is power, and you’ll wonder how you ever did business without management accounts!
This can be achieved by:
Management accounting differs from financial accounting in that it produces reports for confidential use internally within a business rather than for external stakeholders.
On a monthly or quarterly basis, we can provide management accounts which will help you make timely, informed and strategic business decisions.
You will receive Profit & Loss, Balance sheet and analysis of your profit margins to make both day to day and long-term decisions.
We recognise that businesses have different management accounting needs, which is why we’re so flexible in the type of reports we produce. We give you what you need, and leave out what you don’t.
Our management account reports can be broken down so that the performance of different aspects of your business can be measured individually, making spotting specific weaknesses and opportunities simpler.
What reports would you find useful for running your business more effectively? Let us know and we’ll provide them for you.
We’ll help you plan and forecast revenue and outgoings across different areas of the business, to give you an up to date and informed insight on which to base business decisions.
Most importantly we can prepare cash flow forecast for you. This addresses questions like how much cash are you likely to have in the coming weeks and months and will it be enough to pay your liabilities or make necessary investments or drawings ?
The analysis contained within our management accounts can be measured against forecasts and budgets made at the start of the year, giving you regular updates on how well you’re meeting your set targets.
Management accounts are invaluable at providing businesses with information to run their operations and plan for the future. To be of any use to a business they need to be produced in the shortest time possible and be both accurate and informative.
Businesses have different needs depending on the size and complexity of their operation. Some businesses will require their management accounts on a monthly basis, whilst for others quarterly will be sufficient.
The accounts should be produced in the format that the owners of the business find easiest to work with. For some this will be a set of standard accounts, others prefer management accounts to be more “visual”, and to contain a number of graphs with a couple of lines of explanatory text attached. Either way, their importance cannot be under-estimated in the successful management of the business. Management accounts provide timely pointer of the issues which require addressing.