One of the most important aspects of running any business is to know the numbers that reflect its performance, which comes from figures such as cash flow, creditors, debtors, profit, and progress against budgets. The ideal is to develop a full management reporting pack that contains a predetermined range of relevant Management Information on a regular basis.
A progression from Management Accounts, timely Management Information is a vital measurement of the business’ performance and development towards predetermined goals. It enables the management team to react to changes within the business extremely quickly as they see the first inking of change in the detail.
Our bespoke Management Information pack is developed specifically for your business, to include both Management Accounts and the Key Performance Indicators (KPIs) that we identify with you as being paramount to the success of the business.
Amongst other areas, these could include:
- Sales Pipeline reporting
- Opportunities, risks and threats
- Return on Investment calculator for Marketing
- Response times monitoring
These areas are identified through discussions with key personnel within the business, and the final list is drawn up.
If it’s useful, we can produce these reports in a graphical format, which can be easier to interpret. See trends, performance against budgets and track the cash through your business in full colour, rather than as a sea of numbers. You can find out more about our Visual Reporting here, which will be tailored to suit your business.
Whatever accounting software is in use in the business, we will review its use and ensure you are getting the most from it for minimum effort. We’ll also check that the production of management accounts, which will be a fundamental part of the Management Information pack, is as swift and efficient as possible. If training is required, we can supply it, together with the support required until your internal team can stand alone.
Contact us to discuss your needs and how regular and timely management account and management information can also make the annual accounts process simpler and more positive.
Many business owners think that Management Accounts are only for big businesses, but that’s not the case! Watch this to find out how important they can be for even the smallest business…
Read our related Blog posts:
Your business numbers can kill your business – We talk about the importance of knowing your business numbers a lot, as you’ll be aware if you’ve been around us for any length of time. There are lots of reasons why getting a good understanding of them is a really smart thing to do if you want to be successful, but it can be hard to apply those reasons to your own ‘day to day’.
Why do I need a Cash Flow Statement? – ‘Why do I need a Cash Flow Statement?’ is a question we’ve been asked question several times in the last couple of days, after it was mentioned in a meeting with lots of business owners. We therefore thought it was worth explaining!