Management accounts translate financial information into knowledge. Processes such as bank reconciliation, invoice processing and VAT returns may be essential to keep track of incoming and outgoing cash and value, but management accounts will help you to track and grow your business. Management accounts use categories you define to track income and expenditure - against a job, or types of income and cost. Using this type of information enables you to see what's making money and what's not; where the profits are coming from, and which customer is the most valuable. In other words, what pays off and what doesn't.
The world of management reporting has progressed rapidly in recent years and the type of analysis which was only available to major companies is now available to small and medium sized businesses. We use a range of methods to generate management reports for our clients; we cqan link Excel spredsheets directly with Quickbooks Online and Xero, extracting live data and then presenting it in a format which makes sense to the business. We are also strategic partners with certain providers of add-ins for cloud accountancy packages, and can tailor these to your needs.
Whatever technology works best for you, we can generate the managementy reports you need or even set up access online so you have real time information at your fingertps.
And since it's also possible to add in non-financial key performance indicators (KPIs), you'll be able to track exactly what's happening in the business at any time.
Management accounts and reports are tailored to the specific needs of your business. We can track and report on the profitability of a job or type of job; on the value of a customer or type of customer; on the costs which arise from the jobs you do or are overheads on the business.
Typical management reports we supply and can help generate include;
We talk to you about your needs and what will help you to manage and grow your business. From that conversation we draw up a set of reports and, once they're approved, we implement them using the best available technology.
From that time on we can produce the management reports you need, at the frequency you need them, and generally provide real-time acess to your management reports ("dynamic management reporting").
From time to time you will need to produce reports for someone else; if you are running a registered company, you'll need to file annual reports and accounts with Companies House. If you are a registered charity, you'll need to do the same with the Charity Commission. If you're a sole tradr, you'll need to keep records and to file a self assessment tax return.
If you're a limited ompany with shares, you may also need to produce reports and accounts for shareholders or others with a financial interest in the business.
We can produce reports and accounts to the standards required by Companies House, HMRC and the Charity Commission; we can also get these independently audited or examined for you by a Chartered Accountant if required by your shareholders or the Commission. You won't need to worry about getting reports in on time, or about penalties for incorrect or late filing; we'll take away the headache of statutory reporting and filing.