Management Accounts are used internally for management to assess how their business is performing. It may use sophisticated Management Information Systems (MIS) or simply the raw accounting records to produce monthly timely reports such as Profit and Loss, Balance Sheet Aged debtors and Creditors, Sales by department or group etc. It is essential that a business knows where it is going and to achieve this it is necessary to have accurate accounting information on a monthly or quarterly basis.
Producing management figures quickly after the end of a period of trading is something we do regularly and enables early decisions to be made.
At M J Smith & Co we have many years of experience preparing Management Accounts for some very complex situations including setting up MIS in order to improve speed and accuracy of the monthly accounts.
It may also need other systems putting in place such as time recording or Work In Progress recording systems to enable the Management Accounts to be quickly and cost effectively produced.
In our experience MIS and Management Accounting allows a business to expand and gives that business the tools to profit from their mistakes. Something that a business who only produces accounts once a year cannot ever hope to achieve.
For more information- contact us for an initial free meeting today.