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Management Accounts

Management Accounts are the regular (usually monthly or quarterly) reviews of business activity against plan (Budgets). These reviews are invaluable to a business as they can help to predict problems before they occur. Trends can be identified in growing costs or reducing sales levels and actions can be taken to reverse those trends before they become detrimental to the business.

Keep your business in profit

Management Accounts and Budgets can be prepared down to department or branch level, showing performance against plan for individual areas of your business. This can be of benefit as an individual area of the business may be performing badly but it is hidden within an overall business performing well.

We can prepare regular Management Accounting reports for your business and meet with you and explain our findings, this allows you to take action early when a problem is identified.

Why hire us?

Whether we have prepared your budgets or not we can compile your management account reports at the frequency of which you desire. Although it is best that we have prepared the budgets so we have full knowledge of what makes up the actual budget, detailed working papers and calculations from you can aid us. 

The actual activity you have incurred over the period is compared against the budget for that same period to give an overspend or underspend.  One of the most important aspects of compiling management accounts is ensuring that only the income or expenditure for that period is included so for example if you pay your rent for the year then the cost for the rest of the year shouldn’t be included in this periods management accounts as that would give a untrue picture for the period.

These are the types of intricate workings that are done on a regular basis to ensure that your management account reports are accurate. All activity is compared against the corresponding budget line and then communicated back to you formally in a report and over a meeting where the details can be discussed informally where questions can be asked and recommendations can be articulated clearly.

Here’s what we do exactly

Annual Budgets/Profit Forecasts prepared

Performance measured against these plans on a monthly or quarterly basis

Monthly/Quarterly report prepared on performance against plan

Monthly/Quarterly meeting to discuss performance against plan

Detailed analysis of cost pressures

Recommendations to improve profits

Learn the basics

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