Financial Accounting
- External
- Historical
- Reporting
- Data – Objectives/Verfiable
- Precision of Information
- Entire of Company
- Reactive
Management Accounting
- Internal
- Future
- Decision Making
- Data – Relevance
- Timeliness of Information
- Department/Product Lines
- Proactive
As well as the usual period end reports such as profit and loss and balance sheet, prior year/period comparison, our Management Accounts clients receive debtors’ and creditors’ listings and cashflow forecasts. We also prepare bespoke reports for each client, particular to their businesses.
Examples include:
- Departmental analysis – for different income or cost streams.
- Project analysis – ensuring that each project performs to expectation.
- Manufacturing – direct and indirect ratio analysis.
- Cost versus price reports for individual items or services.
What Are Management Accounts?
What are Management Accounts and how can they help improve my business performance? Companies are required by law to produce Financial Accounts – historic, case based and regulated by accounting standards. Management Accounts on the other hand are forward looking, model based and driven by the needs of the manager.
Derived from various methods such as Cost Accounting, variance trending and activity based costing, Management Accounts are concerned with monitoring variance analysis, planning and forecasting, reviewing and checking costs associated with the business. They are equally relevant to both the accounting team and the business team.
We are members of CIMA – The Chartered Institute of Management Accountants. If you are looking for professional advice on management accounts make sure you are talking to a CIMA accountant.
Get A FREE Copy Of Our Book
We'll give you a FREE copy at the end of our meeting.