Management Accounts can help you make timely and cost effective decisions about your business. Different businesses have different management accounting needs, depending on the business areas that are important to them. These can include:
- The sales process – such as pricing, distribution and debtors
- The purchasing process – such as stock records and creditors
- A fixed asset register – details of all fixed assets, including identification numbers, cost and date of purchase etc
- Employee records
Management Accounts analyse recent historical performance enabling you to compare actual performance against forecasts and budgets allowing you to be proactive and make adjustments in your business accordingly. For example; ensuring that profitable products or services are not subsidising those that are selling poorly.
If you answer YES to one of the following questions, you should contact us to discuss your requirements in further detail:
- Do you want to apply for a bank loan? – Your bank will request to see a set of Management Accounts before approving your loan.
- Do you use Factoring? – Find out what’s happening in your business before it’s too late.
- Do you want to compare cost variances? – Sometimes a ‘guesstimate’ just isn’t good enough.
- Do you want to know exactly how much profit you’ve made each month? – By making more monthly provisions and spreading certain costs throughout the year, such as accountancy fees and insurances, you will have a more accurate monthly profit figure.
Don’t wait until the end of the year to find out how your business is performing, stay ahead of the competition! Management accounts can be done for any size and type of business on a monthly or quarterly basis so contact us today.