Traditionally, management accounting is what most business clients expect from their accountants, usually in the form of a concise summary of the previous years trading and financial position.
For some business owners this is enough. However, as we say to our clients, there is nothing about the past we can change. Once the year has come to an end, any opportunities for planning or reacting to market opportunities are foregone for another year.
For many of our clients, we currently prepare monthly or quarterly management accounts, which allow them to make smart business decisions based on up to date financial information. These can be customized to suite the business and the owners requirements.
Various tools are used to analyse this information to provide fuel for discussion and action.
We have also found growing need for regular management reporting to financial institutions. In many cases our clients' financiers perform a regular (either monthly or quarterly) review of our clients' management accounts as part of their formal financing arrangement.
Management accounting, combined with some of our other business services are an essential part of any successful and growing business.