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Management Accounts

The smaller owner-managed business can generally judge its success by the amount of invoicing done and the bank balance, although we can always suggest improvements in record keeping

For the more substantial business a key factor in business success and control is more substantial financial information

Many businesses rely on the knowledge of their bank balance and their debtors and creditors balances on a day to day basis, providing their accountant with their accounting data after the end of the financial year, then waiting for the financial result typically sometime after the year-end

The preparation of periodic management accounts (monthly or quarterly) takes away the guess work, providing detailed profit and loss and balance sheet information on a regular basis

The annual accounts are derived from this process in a timely and meaningful way. Accounts 3 to 6 months after the year end are only of use to the tax man

The availability of up to date information enables the business to make informed decisions. Sage software has a slogan "Through knowledge comes control", which may seem a bit contrived, but it is true

Also, in a difficult financial climate, outside bodies are demanding more accurate and up to date financial information - for example the bank which has provided lending facilities and the invoice discounting company

At E W Wallace & Co we have considerable experience of helping clients by preparing regular accounts for management purposes, coupled with a discussion of the results with the directors, enabling them also to make decisions as to the future

In addition regular meetings offer the opportunity to discuss other financial matters such as benefits, pensions and tax planning

An associated service is the preparation of business plans and forecasts - this normally consists of the budget for the forthcoming year, which details how the business owners see the year ahead in financial terms. The actual results would then be compared to the plans via the management accounts process

Next Step:

Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote

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