All businesses need good management accounts to measure and improve performance. So ask yourself:
"What financial information do I need to run my business?"
You might want to know:
Profit for the month
Profit for the year
Results vs. Budget
Result vs. last year
Aged debtors
Action to collect old debtors
Cashflow forecast
Profit margins
Customer profitability
Expected outcome for the year
We can help you find out.
Our management accounts service can either integrate with your existing finance team or, if you want to outsource everything, we can do the bookkeeping, other accounting tasks and a consolidated report for you as well.
Armed with better management information you can make better decisions and make more money!
An example of your management accounts
Our approach to producing your management accounts
Non availability of management account could result in the following
Insufficient information reaching the board to allow them to understand business performance
Lack of control over cashflow and slow payment by debtors (pressure from the bank?)
Margins and net profits are too low
Audit and accounting fees are unnecessarily high
Non-financial managers don't have a sufficient view of the financial implications of their decisions and solutions
Decide what information would be useful
Review and improve the data flows going in to the finance system
Provide training to finance staff to ensure that new procedures are implemented smoothly and sustainably
Ensure that users of the new financial information properly understand it and can make decisions using it
Compare financial information with nonfinancial information and ensure consistency between them
Benefits
Better information leads to better decisions
Higher gross profit margins
Improved bottom line profitability
Increased cashflow, less risk of breaching borrowing limits
Greater speed and accuracy of financial information delivered
No business can function profitably for long if the financial performance is not being measured properly and in good time. Action will need to be taken urgently to close the gap between the information irements of a business.
To find out how we can help you improve your management accounts call or email us with your requirements.
If you sign up for 12 months to Monitoring Performance Package which covers General business advise, unlimited telephone support and Management accounts, we will give you 20% off your bill.
