Management account preparation
While statutory accounts are prepared just once a year, management accounts can be produced every week, month and/or quarter to help you understand how your business is performing. They can be a key part of decision making and strategic planning, but only if they are done in a timely and efficient manner.
Key questions we can help you answer by preparing your management accounts include:
- How much money have we made to date?
- Who currently owes us money and is it overdue?
- Are our sales up or down on last year?
These are the sorts of questions business owners are regularly asking themselves. Having accurate answers is a vital for the success of your business.
Despite this, many small business owners lack the tools and the time to get answers to these questions on a timely basis.
Multiplus Tax Solutions’ management accounts service helps small business owners get the key answers they need to run their business. It also helps them free up time to dedicate to improving the profitability of the business.
By using the latest cloud based accounting packages we can give you regular reports to help you:
- Compare sales figures to last month and last year
- Know whether the business is making money
- Know who owes you money and whether the debt is overdue
- Know your gross profit, assess whether it is high enough and compare it to your competitors
- Identify areas where you could reduce your costs
- Understand what sales you have to make to break even each month
- Understand which parts of your business make you the most money
- Devise ways to improve your cash flow
- Secure funding from the bank
- Know how much you have invested in the business.
About Management Accounts
Having management accounts allows you to track and control your businesses and respond quickly to both adverse and advantageous moves within the market. The costs are less than you think when weighed against the potential benefits of being able to react quickly to negative trends in trade or having the ability to minimise your tax liabilities.
We can help …
- Prepare monthly or quarterly management accounts
- Provide timely business analysis of the results
- Meet and discuss the figures and the impact on your business
And the benefits for you…
- Enables you to react quickly to changes within your business
- Early identification of negative trends within your costs and sales
- Helps you make better financial decisions
- Allows enhanced tax planning opportunities
- Provide assurance to your finance providers and stakeholders
- Benchmark you against similar organisations