The production of regular management accounting information can help to improve the profitability of your business. In our view, management accounts are only useful if they are accurate, up-to-date and most importantly “user friendly” to their audience.
Often management accounts content consists of a year-to-date profit and loss statement and related balance sheet presented in a random computer printout. At Robb Ferguson, we go further by “data mining” the accounts, e.g. analysing the cash flows of the business to identify areas where the cash within the business can be increased, identifying products or income streams where margins can be improved.
We can prepare your management accounts monthly, quarterly, bi-annually – whatever suits your needs. Relevant and robust management accounts can have the following benefits;
- Help business run more efficiently and profitably
- Allow management to make better and more informed decisions
- Allow management to consider forward tax planning
- Assist in the future projection of businesses cash flow and future working capital requirements.
- Monitor budgeted performance against actual delivered results
- Keep other stakeholders informed (e.g. banks, investors etc) which can assist with accessing finance
- Assist with succession and exit planning.
If you would like to discuss our management accounting services and your internal reporting, please contact one of the team