As the modern world has become fast paced and technology-driven, it is now more important than ever to have control of your business and to know what’s ahead. This is were Management Accounting comes into play.
What Is Management Accounting?
Although a matter of compliance, annual accounts only tell you the story of what happened rather than what is happening and what will happen. Management Accounts produce a clear view of the road ahead for your business.
Typically produced on a quarterly or monthly basis, they consist of a profit and loss account, balance sheet and cash flow statement with subsequent reports. Meant for internal use, they have no requirement to be filed with HMRC.
The Benefits of Management Accounting
The benefits of Management Account production are endless, with the key aim of improved control and understanding and better informed decision-making.
Management Accounts show clearly:
- The performance of your business and target key areas to improve.
- The identification and implementation of Key Performance Indicators (KPIs) allow you to monitor and control the on-going performance of any specific aspect of your business.
As such, you can gain a clearer understanding of your business, its income and its costs which allows you to plan and shape your company’s future ensuring growth and value is maximised.
The preparation of Management Accounts will allow for a proactive approach, due to information being fresh and relevant, rather than reactive at year end. A key benefit being reduced costs associated with year-end annual accounts production.
What can ammu Do For You?
As specialists, we have a simple process in implementing management accounting.
Directly from the initial meeting we present you with a plan and several options to consider. The implementation then begins where processes are simplified, cash is generated and growth kick-started. Progress is consistently monitored to ensure you’re on the right track and that plans are being achieved.
We can provide a fresh energy and new start for your business, along with quick wins through process and efficiency improvements. With a clear picture of performance, strengths and bottlenecks, you can make informed decisions for the better of your business
It is never too late to take control of your company’s future and we can help you do that.