Management Accounts Service
WHAT ARE MANAGEMENT ACCOUNTS?
There is no legal requirement to prepare management accounts, but it is hard to run a business effectively without them; most companies, therefore, produce them on a monthly or quarterly basis. The purpose of management accounts is to analyse recent historical performance, and they usually include forward-looking elements such as sales, cash flow and profit forecasts. The analysis is usually compared to forecasts and budgets that were produced at the start of the year.
One objective of management accounts is to provide accurate information to identify Key Performing areas of the business, but there are other reasons to have them, including:
Understanding the behaviour and performance of the business
Shaping the business with sound advice and guidance
Allow a cash flow forecast
Reveal margins, costs, and break-even points, thus making sound financial decisions
Uncovering non- or under-performing areas of the business
WHAT DOES THE DNS MANAGEMENT ACCOUNTS SERVICE OFFER?
Using DNS’s management accounts service is easy and cost effective. First, we get you up and running on our online accounting portal – don’t worry we offer free training – once you’re set up, DNS then have access to real time information about your company performance, and it is from this that we can begin to formulate management accounts. For example, you might want to look at areas of your business that are non-profit making and consider what to do with them; you might want to attract investment, secure a loan, or grow your business in other markets. We tailor our management accounts to meet your requirements.
WHY DO I NEED DNS’S MANAGEMENT ACCOUNTS SERVICE?
Many small Businesses fail to recognise that running a business without management accounts is like running a car without brakes or an accelerator; without management accounts, you can never be fully in control of your business. It is vital that management identify Key Performing Indicators (KPI) so that the key decision-makers are in full control.
WHAT ARE THE ADVANTAGES OF MANAGEMENT ACCOUNTS?
Management accounts can help the business make timely and meaningful management decisions. There are a number of reasons behind why so many businesses fail within a year of starting up, but central to business failure, there is often a lack of knowledge about the current market, no clear business strategy, and minimal financial understanding.
WHAT ARE THE ADVANTAGES OF USING DNS’S MANAGEMENT ACCOUNTS SERVICE?
DNS recognise the importance of management accounts and assist clients by providing a variety of management reports, such as profit and loss, asset liability, and tax; we look at how the KPIs are performing, and work out a gross profitability report. With the help of a management report, management can then make informed decisions and shape the right future for the business.
DNS are specialist in designing and implementing management reporting systems. If you would like this system for your company please indicate on your subscription form or call us today on 03300 88 66 86 and one of our team members will be please to discuss this with you.
HOW MUCH DOES DNS MANAGEMENT ACCOUNTS SERVICE COST?
DNS offer a standard premium and gold service depending on your requirements. Our standard package is only £150 p.a. This is a tax-deductable expense that will save your business both time and money. We strongly advise clients to use the DNS online accounting portal as part of this service. Go to our packages page to see what’s on offer.
HOW CAN I BUY DNS’S MANAGEMENT ACCOUNT SERVICE AND HOW DOES IT WORK?
You can purchase our management accounts service by submitting the form and indicating which services you would like. You can use the same form to request information about other services as well. On Receipt of the form, DNS will contact you.