Making informed business decisions
Management accounting is the monitoring & measurement of recent activities and results within organisations and the presentation of relevant data required by management to enable them to make informed business decisions as part of their Performance Management, Planning and Control functions.
Forward Looking
In contrast to financial accounting information, management accounting provides primarily forward-looking data, as opposed to historical. It is designed and intended for use by managers in day to day decisions, as opposed to shareholders, creditors and Revenue. It is generated with reference to the confidential specific needs of internal management and is rarely reported publicly.
Strategic
Management accounting information is also playing more of a key role in strategic decisions and contributes to the identification, measurement, and reporting of risks to achieving organisational goals and objectives.
Tailored to Client Needs
The CR&BKF business support team provides an outsourced management accounting function, that is tailored to the specific needs of the client, on a monthly/quarterly basis.
Helping companies produce regular, timely, meaningful financial statements providing substantive and accurate information critical to the decision-making process for the business.
- Monthly/Quarterly P&L and Balance Sheet
- Regular Stock Review & Evaluation
- Identification of Profit Centres & Loss Makers
- Identification of Budget/ActualVariances – their cause and effect
- Evaluation of internal processes and practices
- Technology implementation – set up, upgrade or conversion
- Training – Accounts/Bookkeeping
Many Benefits
The benefits of timely management accounts include: -
- Provides a snapshot of your business performance at particular intervals during the financial year
- Allows you to compare performance against pre-set targets/budgets
- Provides information required to make key management and strategic decisions
- Provides information useful for planning and control of the business
- Identify areas of high profitability
- Highlight and review non performance areas
Contact us today if you would like to receive a free initial consultation and quotation for providing outsourced management accounts for your business and be amazed at the difference it can make to how you operate!