MANAGEMENT ACCOUNTS
Management Accounting is the process of extracting knowledge and gaining insight into the past and current financial position of your business. We do this by analysing the financial statements that are generated from the bookkeeping process.
By providing this service, we can support your decision making by helping you understand your current business costs. Whilst also supporting your future business planning by providing an accurate position of where your business is currently performing for benchmarking. Without management accountants businesses may not get the level of understanding until the end of the financial year, once the final submission of financial statements has been made to HMRC. Having access to this insight and knowledge during the financial year will allow you to sooner make important financial decisions. Management accounts tend to be provided on a monthly or even quarterly basis depending on your business requirements.
We understand the importance of having copies of these financial statements each month or quarterly, therefore providing you with the true and fair representation of your business at that current time.
As part of the management accounts process, we may be required to include adjustments such as depreciating your assets and providing you with an expectation of how much corporation tax you are due to pay on your current tax year so you don’t have any unnecessary surprises after final submission. We also pride ourselves in spending time with you on each occasion these statements are run, to fully understand every line item in your accounts and to provide any extra detail that you may require.
Benefits of management accounting:
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Understanding all financial aspects of your business
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Enables you to analyse your businesses performance on monthly or quarterly basis
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Gives you decided time with an accountant for commentary and advice
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Learn of any upcoming bills in advance to reduce any risk of surprising costs