Management accounts analyses how a business has been performing. They include forward-looking projections to aid business decisions. We work with you to identify what is important to track for your business and then compile a set of accounts that are useful to your business. 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, but a set of management accounts can include any or all of the following:
- Profit & loss accounts and Balance sheet, possibly analyzed by department / division / subsidiary;
- Actual performance measured against budget;
- Cash-flow projections, and future profit projections;
- Key performance indicators;
- Other information such as debtor turnaround times and staff absence levels.
Some businesses will require their management accounts on a monthly basis, whilst for others quarterly will be sufficient. Will will produce the accounts 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 which is why you can trust us. It is very important for a business to keep adequate cash in hand to meet day-to-day expenditures and to invest as and when required in business. Thus, cash plays a very vital role to run a business successfully. Sometimes it has been observed that in spite of adequate profit in business, they are unable to meet their taxes and dividends, just because of shortage of cash flow. With our help you can help better and help your business.