Ascentant’s management accounts service provides timely intelligence to your decision-making process. Unlocking financial data to aid strategic business decisions throughout the year.
What are Management Accounts?
Management Accounts provide financial data and performance analysis to educate future strategic business decisions. This may include forecasts based on current trends on sales and expenditure, cashflow forecasts or analysis to compare incurred costs to set budgets.
For the best results, management accounts are usually produced monthly or quarterly, so that you can more accurately gauge how well you’re doing and make timely course corrections.
What are Management Accounts used for?
Tailored to each individual client’s needs, our Management Accounts Services enable businesses to track chosen Key Performance Indicators (KPI’s). Uses of management accounts include:
- Tracking profit
- Establishing your break even point
- Identifying business trends
- Planning for the future
- Increasing working capital for cashflow
- Tax planning
How could you benefit from our Management Accounts Services?
The benefits of keeping regular management accounts include:
Monitoring your growth
Comparing reports to the prior month, quarter or year can help to accurately monitor growth and identify opportunities for future development
Planning for the future
Looking at current trends and identifying areas of growth or areas that are falling flat, can assist in making business decisions and planning for the future. Do savings need to be made in particular areas? Are some months low on sales and others higher? Does cash need to be reserved to account for these peaks and troughs?
Optimising processes
From analysing management accounts reports, you can identify areas that may need improvement such as loss making departments, slow paying clients or areas which can be streamlined. Business decisions can be made to optimise processes around these for increased business performance.
Procure costs
If identifying high or increasing costs in certain areas, you may identify savings that can be made through procurement or changing suppliers to increase profitability.
Tax Planning
By regularly reviewing management accounts throughout the year, you can undertake tax planning through the year to minimise tax exposure where possible by reviewing your Director Loan account, Dividends and retained earnings.
How our Management Accounts Services can assist you
There is no set standard for management accounts, but they usually include:
- Profit & Loss Report
- Balance Sheet
- Cashflow statement
- Aged debtors
- Aged creditors
- Debtor days
- Budget vs Actual
If you are an SME in Derby, Nottingham, London and beyond requiring Management Accounts Services please contact us. We are a Derby based Accountant who specialise in Management Accounting services.
Speak to us today to see how we can help your business 01332 981920 or Email us: info@ascentant.co.uk