Management accounts is a set of summarised accounting statements that are prepared and presented to you from us on a monthly or quarterly basis. Generally, they include Profit and Loss Account, Balance Sheet, and Key Performance Indicators (KPI’s) and a short report.
The purpose is to help you manage the overall health and performance of your business, highlight areas that need improvement and steer it in the right direction.
Producing management accounts in-house takes up so much time that most businesses outsource them so they can concentrate on developing their core business.
The biggest benefits of management accounts is that having an accurate financial overview of your business today can help you strategically plan your next move or support your application for finance or funding.
You will also have the financial insights you need to manage the overall health and performance of your business, highlight areas that need improvement and steer it in the right direction.
Producing management accounts in-house takes up so much time that most businesses prefer to outsource them so key personnel can concentrate on their core business objectives.
Having an accurate overview of your business today can help you make better decisions tomorrow.
Advantages of Outsourcing the Production of Management Accounts
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Our Management Accounts services have great benefits for your business.
Cash flow statements and cash flow projections form an important part of management accounts. They will help you avoid cash shortfalls by forecasting how much will be in your bank accounts over the coming months and whether there will be sufficient income to cover outgoings.
Monthly or quarterly management accounts give you more control over your business. You’ll have the information you need to identify trends in sales and plan ahead for slow and busy trading periods. You’ll be better able to identify the right time for investment, expansion, restructuring, sale or succession.
Timely financial data can highlight potential risks and identify opportunities that will help increase growth and profitability.
With accurate financial information we will be better placed to help you plan for your tax liabilities and with careful tax planning hopefully lower your tax bill.
With the regular preparation of management accounts you will be less likely to encounter unexpected and unwanted issues at the end of the year. Issues can be resolved immediately rather than having everything pile-up at the end of the year orrunning thee risk of late submissions and penalties.
With the uncertainty of Brexit still a cause of concern for businesses relying on UK distribution centres for goods and services, management accounts can help manage cash flow.
Partner Led Service
Here at Lalor O’Shea McQuillan we offer a complete management accounting service to suit the individual needs of your business. For a fixed price we can prepare and produce your management accounts on a monthly or quarterly basis.
Our management accounting service is partner-led and supported by a strong team of qualified accountants and tax consultants who have been with us for many years.
We will provide you with practical and timely advice to help you make the best decisions about where you want to take your business.
Cost Saving For Existing Clients of Lalor O’Shea McQuillan
If we already prepare your annual accounts, we will produce management accounts at a substantially reduced fee to your business.