Burns Management Accounts Service
What are Management Accounts?
Management accounts are a set of accounts which are prepared with the aim of helping managers make the important decisions of running the business and meaning targets. Small businesses rely far too heavy on the end of year accounts to understand their financial situation and as a result probably miss a number of opportunities or make bad decisions, simply because they did not have access to accurate, timely, financial information. Management accounts can be produced monthly, quarterly, half-yearly. Quarterly Reviews can be set and Forecasted target to put in place to ease cashflow problems and maximise profits. The problem with end of year accounts, is that the first period on those accounts can be 20+ months from the current month, which makes the information less useful as a tool on which to base business decisions. A lot of businesses only use their end of year accounts to compute their tax liability and not as a tool to drive a business onwards.
Can management accounts help improve a business?
· Many business have commercial loans, overdrafts facilities and commercial finance with retails banks and service providers, our service means you meet your contractual obligations of providing management accounts on a monthly or quarterly basis.
· Having regular management accounts allows you to examine your cash flow, observe trends and seek additional capital injections (should it be required), based on accurate forecasts
· By looking at the profit and loss statement you can very quickly see where you stand in business in terms of profitability, on a real time basis as it happens, giving you the right information to make changes, if necessary.
· Predict future events based on business historical trend information, and future prodictions, giving you an edge over your competitors.
Management accounts will provide current :-
· Profit and Loss Statements
· Balance Sheets
· Cash Flow Forecasts
· Debtor Listings
· Creditor Listings