Management accounts
Management accounts give you power and vital information about your business, right at your finger tips so you can better understand your current position and can make informed decisions about the future, enabling you to achieve both short term and long term business goals.
The process involves analysing business costs, operational performance and activity data to produce relevant internal reports. Management accounts are often produced on a monthly or quarterly basis.
There is no legal or regulatory requirement to produce or file management accounts. It is however universally recognised as an essential and valuable service that most owners and directors decide to have it.
Management accounts are only valuable if they are complied by individuals who understand your business from grass root levels and multiple perspectives. They should be compiled by qualified accountants who also have business and management qualifications too. Without this you may be be getting a raw deal, inaccurate and counter productive information – this would be detrimental to your decisions and of course business interests.
Our service
We provide Management Accounts as a basic essential service, this means we:
- Are qualified – both Chartered Accountants and business and management experts. We understand your business and what the figures mean.
- Give a bird’s eye view of your business – we map and intricately link the critical financial, operational and activity drivers for your business.
- Highlight what really matters – we compile executive reports to show you how your business is performing, show you clearly and concisely those areas that require refinement and adjustment to increase your profit margins, profitability, quality or efficiency. We will pinpoint strengths and weaknesses inherent in your business. Executive reports will be supported by detailed management accounts so you can delve deep into the heart of your business operations. We’ll also highlight the key performance drivers within your business.
- Offer a refreshing and exciting enjoyable experience – just like you we are extremely passionate about your business and what we do. We understand your time is valuable and we aim to make it a great time for you to ponder and reflect on making your business operation a great success. Our reports are professional, interesting and tailored made just for you and your business.
- Explain in plain English – how we have calculated the figures, the important areas they show and what this means for your business.
- Prepare management reports in a variety of formats – that would suit the nature and size of your business. This would take into account branch or divisional results, actual performance compared to comparative periods or budgets or both, relevant activity costing information such as break-even turnover and volume levels. Also if requested and available we will also benchmark your performance against potential competitors.
- Empower you to stay in control – regular management reports enable you to closely monitor your cash flow, see trends and if required inject extra capital finance. Banks tend to look more favorably at such requests for additional finance if they can see regular and reliable management accounts that have been compiled by qualified accountants, are based on accurate forecasts and assumptions.
- Tailor make management accounts for you depending on how often you need them – this can be weekly, monthly, quarterly, annually or just as a one-off service. This completely flexible approach makes us unique in the field.
- Provide timely management information – this would show areas of high performance, strengths, weaknesses, concerns requiring attention and areas for potential improvement. Identified failures in internal control would also be highlighted.
- Enable you to maintain a competitive edge – our service will allow you to achieve this through making informed decisions and when exploring expanding your business at home and abroad. If highlighted by the underlying data we would make suitable recommendations such as potential restructuring or alternative strategies to optimise profits.
