What are management accounts?
Management accounts are usually generated monthly or quarterly for business owners and managers, they are primarily financial based reports such as balance sheet and profit and loss statements. A profit and loss statement will show the trading performance of the company over the period. The balance sheet shows companies assets and liabilities at a snapshot in time.
Management accounts are essential in running a business and provide financial figures for assessing the performance and profitability of the company. It gives management the information needed to take advantage of positive trends by allowing agile decisions to be made in order to maximise opportunities. They also give early warning signs when performance is not as anticipated so a company’s course can be corrected without waiting for the annual accounts to be prepared and damage is irreparable.
The objectives for management accounts:
To gain visibility into the future.
Inform on business performance.
To predict and avoid cash flow problems, such as lack of cash or stock.
To determine where attention should be focused to improve profitability.
To measure past performance and use it as a baseline for improvement.
Early warning indicator for performance decline.
Why choose Sirius B.I?
Sirius B.I. has many years’ experience of management accountants in accountancy practice, managing a portfolio of clients in a wide range of sectors. Assessing the reports needed to run a business and provide insights and interpretation to assist in driving a business to the next level. By comparing actual figures against budgets Sirius B.I. highlight areas to focus on in order to maximise opportunities or to flag points of concern that need further investigation. Experience of international accounting, group reporting and working to tight reporting deadlines makes Sirius B.I. the only choice.
To find out more about the management account service take a look at the “case studies” section or contact Sirius B.I. for more information.