We have a lot of training coming up to answer the demand from our Clients for Accounts and Finance, we are finalising our newsletter to go out shortly and we will feature some of the information online here on our blog to supplement it.
Management Accounts
Many businesses make money on some activates, lose on others. Many businesses are unaware of where in their business this happens.
Do you have quality timely information needed to monitor performance and ascertain what each activity is contributing to your bottom line?
Management accounts are invaluable in helping you to make management decisions about your business – as a matter of fact, it is difficult to run a business effectively without them. Yet most businesses do not produce management accounts.
Management accounts analyse recent historical performance. They can also include forward-looking essentials such as sales and profit forecasts. This analysis is usually done against forecasts and budgets that have been prepared at the start of the year.
The information in management accounts should be broken out so that the performance of different elements of the business can be measured.
For businesses selling many products, it is advisable to provide a breakdown for each product category. This will allow you to ensure that profitable products are not subsidising those that are selling poorly.
