Unlike statutory accounting and tax returns, which frankly serve to assist the tax authorities more than helping you, management accounting is entirely about your business.
How can management accounting help my business?
Management accounting consists of a diverse range of techniques that can help your business:
- set its future direction;
- assess its strategic options;
- monitor and analyse its business (financial and non-financial) performance;and
- inform its day-to-day decision making.
Examples of management accounting in practice include:
- producing monthly accounts and regularly reviewing the business' financial position;
- setting performance targets for sales and expenditure and evaluating actual performance each month to understand what is going wrong and well;
- calculating how much it costs the business to produce a single unit of a product;
- deciding whether to buy an asset or lease it;
- deciding how long to maintain assets and when to replace them;
- choosing between investment options that compete for your resources;
- appraising projects and investment opportunities; and
- deciding whether to manufacture product parts in-house, or to procure them.
Our mangagement accounting services
We offer a comprehensive suite of management accounting services and can carry out any of the following for your business:
- business planning;
- periodic management accounts preparation;
- performance evaluation;
- business partnering;
- business intelligence and management information;
- financial modelling;
- project appraisals;
- risk management; and
- cost reduction schemes.
This area of our business is managed by qualified CIMA chartered management accountants, and we offer specialist expertise in the following sectors:
- NHS - Financial management, modelling, Service Line Reporting, QIPP
- Education - ITT and Academy funding, financial management and assurance
- Financial Services - Regulatory reporting, financial management
Please contact us to find out more and to discuss your requirements.