Every business has a statutory obligation to produce accounts annually for the relevant authorities, typically HM Revenue & Customs and Companies House. This is a job that someone has to do and most accountants do that job. One of the key objectives in accounts preparation is to identify areas where we can assist in minimizing your tax liability. Another key objective is to ensure that the accounts are compliant with all the statutory regulations. In addition we like to gain a full understanding of your business so that we are able to give advice and recommendations tailored exactly to your requirements. We believe that accounts preparation in itself can give a massive insight to your business and gives the bigger picture, to help with both the short-term objectives and long term goals of the owners.
All businesses can benefit from quality management information on which to make the right decisions, but only a minority of businesses can afford a dedicated finance function. We can prepare your Management Accounts on a monthly or quarterly basis in an efficient and cost effective way, in order to help you track how your business is performing, and identify strengths and weaknesses in good time.
Alternatively, we can also design and implement systems so that you can produce management accounts on an ongoing basis. If you are unfamiliar with accounting, we can also help you to understand and get the best out of management accounts.
Some businesses will require management accounts to be prepared on a monthly or quarterly basis for the purposes of providing information to your bank to support a borrowing facility. But it can also help you know what is going on in your business sooner than waiting for your year end accounts to help your business respond faster to changes happening within the business. We can produce management information in various ways and styles, including identifying and measuring underlying drivers that run the business.
We can either prepare management accounts from the bookkeeping we do for you or by taking your books and making corrections and putting in the all important accruals and prepayments which are often only recognized by people with an accountancy background.
In both cases we would discuss the figures with you so that you understand what they mean and how they come about. This more detailed approach allows us to understand your business better. Consequently, we can help you move your business forward.
We can structure the reporting to also advise you on the following factors:
- Branch/Divisional results.
- Actual performance compared to budget and/or comparative periods.
- Costing information, including break-even turnover levels.