Management Accounting Services
Management Accounts are a great way to get regular valuable insights into your financial performance. We're Management Accountants which means you can trust we're specialists at this.
We know that a well structured set of management accounts will report on the key indicators that help you measure your business health and give you the information you need to make informed choices. Our reports are tailored to your business, no cookie cutter reports here. We'll work with you to define the information you need, refine it and improve your reports to ensure you're getting the right information at the right time.
How do Management Accounts differ to Statutory Accounts?
Most people are familiar with Statutory Accounting, the accounts you have to produce each year for tax purposes. But Management Accounting is different. Management Accounting is less concerned with tax and much more concerned with providing useful information to a businesses Management Team or Owner. The contents of a set of Statutory Accounts are defined by legislation and are generally strictly financial in content. Management Accounts are more broad based. We typically include information and detail that would not be included in statutory accounts such as specific stock performance measures, detailed working capital reporting or information of debtor or creditor performance. It's also not uncommon to provide reporting on market share or employment costs. All this is designed to assist you as the owner understand the business from an objective level and ensure that things are on track.
Timing is also commonly different. Whilst you may produce a set of Statutory Accounts once a year, Management Accounts are often provided Monthly or Bi-Monthly usually shortly after the month has ended. This is done to provide you with a close to real time snapshot of how your business is performing. Information provided well after the fact just isn't as useful after all.
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Our Management Accounts Packages contain as standard:
Profit and Loss, Balance Sheet, Cash Flow reporting with variance analysis and useful commentary on changes.
We also include Key Performance Indicators that we define with you as being important .
We produce our accounts on Accruals Basis only, to ensure they are of the most value to our clients.
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If you think Management Accounts could be useful to your business, contact us for a free no obligation discussion.
