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Many of Horsham’s Small and Medium Sized Enterprises (SMEs) struggle to manage their financial affairs simply due to a lack of adequate and up-to-date financial information. The term ‘management accounts’ is unfortunately a term not in the vernacular of most Horsham-based business owners. Management accounts help businesses make informed financial decisions based on timely and accurate financial information. This information is typically produced weekly, monthly or quarterly. Management accounts give you an up-to-date picture of your profit and cost centres.
Unlike year-end accounts, management accounts are not something businesses must produce in order to comply with law. This position has led many business owners to falsely conclude management accounts are not necessarily for the running of their business. However, as many of our customers will tell you, receiving monthly or quarterly management accounts affords their business a terrific source of competitive advantage over rivals who not invested in this information.
Management accounts allow our SME customers to pinpoint profit and cost centres within their business with laser targeted accuracy. Management accounts informs our customers where exactly money in their business is coming from and where it is being spent. This knowledge in turn allows our customers to seal up cost leakages whilst tapping into new streams of revenue.
Management accounts gives our customers the ability to improve cash flow and stay on track of budgetary targets.
The majority of SMEs base business decisions on year-end accounts, even when this information is several months old. Basing important financial decisions on historical information often causes more trouble than good. Instead many diligent Horsham business owners have come to rely on the management accounting service offered by The Financial Management Centre.
The management accounts you receive typically includes:
Since the format of management accounts is not restricted in the same way as year-end accounts, our advisers are able to include non-financial as well as financial information too. You are able to select Key Performance Indicators which drives profit in your business and/or improve efficiency and/or decrease costs. Information to include in your management accounts really is up to your.
The service we provide means an adviser is on hand to explain the significance of information contained within management accounts. This service is included in the price you pay. The accounts we supply contains stunning and easily understandable charts and graphs which aid understanding of your accounts and makes it easier to compare one time period against another.
If you would like to find out how our management accounting service in Horsham can help your business reach the next level in its progression please call the office on 01494 372043 today. Alternatively complete the enquiry form.
Having been recommended Brian Johnstone of The Financial Management Centre by our accountants, we met with him and explained what our business required. By working closely with our administration team and accountants, Brian has put together a book-keeping service which assists the financial management of our business, giving a cost-effective alternative to employing our own accounts staff.
Brian has always provided a friendly and responsive service
It's such a relief to not have to worry about getting it right - all I have to do now is remember to keep the paperwork in a file and pop it round to Brian once a month - the team at The Financial Management Centre are always professional and has meant that I keep on track and ensure that my VAT return is submitted on time. I would highly recommend Brian and The Financial Management Centre to other small businesses.
The Financial Management Centre UK Limited.
Registered in England & Wales company number 06304852.
Basepoint Business Centre,