Management Accounts
Whether you would like us to set-up or improve in-house management reporting, or would like us to handle the entire reporting suite, as members of the Chartered Institute of Management Accountants, we are ready to use our expertise to help.
Depending on the needs of your business, we can produce customised management reports weekly, monthly, or quarterly.
We will collaborate with you as we design these reports. First we will spend time understanding the critical success factors of your business and then we will work with you to you shape the Key Results Indicators (KRIs) and Key Performance Indicators (KPIs) that really matter.
Management Accounts should be:
- Suitable for the end-user: All reports need to be easy to read, but comprehensive enough to enable you to assess the financial health of the business and to make informed decisions. We will collaborate with you to understand the financial insights that are most useful to you rather than simply using an off-the-shelf solution.
- Comparable: Accounts reports typically include a profit and loss account and a balance sheet. These are essential tools to monitor business performance. However, they are only useful in managing the business when compared to prior periods, to the budget or to the target. We will work with you to ensure the comparable information used helps make informed decisions.
- Forward-looking: Many accounts reports are backward looking, and a snapshot in time. Typically, at the time of circulating accounting reports, it is already too late to implement any needed changes. To be effective, management reports also need to include key metrics that will drive business performance. We will help you use Key Performance Indicators that
- Decision-oriented: If the management reports you are using do not result in decisions, the cost of producing them is likely wasted. Our primary goal is to provide insights that will help you turn the numbers into action. We will spend time understanding what decisions you need to make, and how management reports can assist by tracking progress, identifying problems or highlighting opportunities.