Management Accounts Service
Johnston Smillie can prepare monthly or quarterly management accounts to ensure you are working with accurate and up-to-date financial information.
Each and every successful modern business is largely built on the same principles: They understand their market; they understand their customer; and they use the data available to them to make better decisions.
If you currently operate a business without accurate and up-to-date management accounts, you are essentially driving blind.
You must be able to take stock of what has gone before to more effectively plan for the future.
It’s therefore crucial that you are arming yourself with the relevant information – balance sheets, cash flow forecasts, income statements, and more – prior to board or management meetings.
And Johnston Smillie can prepare this information on your behalf.
The Value in Management Accounts
In short, management accounts are a set of fully summarised accounting information. They are typically prepared and presented on a weekly, fortnightly, monthly, or quarterly basis for your company’s senior management team or board of directors.
The information should be easily accessible, accurate, and up-to-date. But it’s also important that the management accounts be tailored to your specific business requirements, otherwise time will be wasted discussing information with little consequence to the bigger picture.
To that end, each set of management accounts will differ from business to business, but they will typically include:
- Balance sheets
- Profit & Loss accounts
- Cash flow forecasts
- Income statements
- Key Performance Indicators
Good management accounts will become invaluable in supporting your business development. You must be able to review the report and find the answers to important questions such as:
- How much did we make last month?
- How do those figures compare to last year?
- Which department was the most expensive to run?
Managem ent accounts are a flexible means of financial reporting, allowing you to spot trends, make decisions, and plan with confidence.
The Benefits of Working with JSCA
If you hold a monthly management meeting, it’s important that the majority of it is spent discussing the report, not reading it for the first time.
That’s why JSCA will work with you to an agreed deadline each month.
You’ll take delivery of a tailored set of management accounts, with plenty of time to read and digest them prior to the meeting.
We’ll also work with you to develop specific Key Performance Indicators (KPIs) for your business, and hig hlight any worrying cash flow trends ahead of time, so as to avoid any cash-related difficulties.
We Can Help
As a business leader, you’re only as good as the information made available to you.
That’s why we strive to deliver management accounts that will help make you a better decision maker. And this starts by first sitting down together – in our offices, or yours – to determine what you need to know month to month.
Our team of expert management accountants will then prepare management information packs to help you take those better, more informed decisions, and effectively plan for the future.
Contact us today to find out how we can help your business by preparing regular management accounts.