What do you really know about your business?
Are you just gambling on the assumption that your perceived knowledge is right? Are you asking yourself lots of questions about how your business is performing with no avail? How much did we make this month? Which product was the most profitable?
An essential tool for assessing financial performance and making steps towards business growth.
Management accounts should be far more than just quarterly or monthly financial accounts. They should provide you with the information necessary to make strategic plans and assist in:
- strategy planning
- business decisions
- measuring performance
- assessing increases in efficiency
- improving services to customers
- increasing profitability and
- improving the reliability of management decisions.
At Plummer Parsons, we’ll combine your management accounts with other tools like forecasts & cash flow to bring a range of benefits to your business, such as:
- Improving business control and ensuring directors meet their obligations under the Companies Act
- Helping focus on key business areas such as;
- Providing detailed information about sales seasonality of high yield products, or
- Help with cost analysis so that proactive negotiations with suppliers can be undertaken
- Providing more up-to-date information, so you can have greater confidence when transactions need to be made which can legitimately reduce the tax liability or maximise the potential benefits through timing a transaction
- Identifying and resolving end of year queries earlier, reducing audit and accountancy costs
- Increasing the possibility of detecting fraud and other malpractice which may slip through the cracks when a financial review is only carried out annually.
The preparation of Management Accounts will provide a valuable tool on which you can manage your business. Management information lets you take essential steps to adding value to your company and assists you in growing your business.
It also gives you a clear view of your financial position without having to wait for your statutory accounts - which can be more than nine months out of date - so that informed decisions can be made based upon objective data and be taken in a timely manner to enable the business to succeed.
If you need help with your business and monitoring your finances, contact us to find out more.
