Management accounts
H
elping you and your business to prosper
The very best Firms use management accounts as a key tool to understand performance and control their business. The initial stage of management accounts is to understand your business and the key drivers within that business. Your management accounts would then be set up with this knowledge in mind. This set up may be a divisional analysis if you have a number of divisions, branch analysis or contract by contract analysis if you are in the long term contract business such as construction.
We will produce a comparison against budget and/ or prior year depending on the information available. We will also provide a variance analysis which will allow you to assess levels of gross profit, overheads and highlight any anomalies. This would allow you to make quick decisions about costs levels based on monthly performance.This information may also be used to empower service managers to control their business area.
During this process our experienced accountants will check that control accounts are reconciled to highlight any potential flaws with your accounts. This would give you the opportunity to correct any accounting problems prior to your annual accounts to avoid any surprises.
We will provide feedback on performance and graphical analysis if appropriate. This could highlight any anomalies that need to be looked into. The resulting management accounts would be readily available to banks or other funders on a monthly basis. This will keep your bank manager happy and potentially inflate the value of your Company as any potential purchaser has all the financial information he requires to hand.
All business leaders should have available to them accurate and up to date financial information in order to support them in their day to day running of a business, and aid in decision making processes which ultimately impact on their businesses.
At UHY Peacheys we have invested in and developed a team of highly skilled professional advisors who are able to deliver this service helping to relieve you of this financial burden and allowing reinvestment of these resources into other areas of the business.
Our team is able to prepare both monthly and quarterly management accounts both accurately and in a timely manner, as time scales are critical in this process. In addition to this we are aware that different businesses have different needs therefore, we are keen to work with you to ensure that outputs are in a format which are both useful and meaningful, enabling you to benchmark how your business is performing.
As well as producing management account numbers our team are also able to interpret and discuss them with you in a way which will enable you to understand what they actually say about your business.Our approach is holistic, so we will ensure as part of this process we will consider taxable profits and planning opportunities.
