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:
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.
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.
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.
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.
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.
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.
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“Been with DNS Accountants for more than a year I would highly recommened their services. My account manager Sneha has been very helpful and helped with accounts and queries swiftly always! Having a good accountant means you can fully focus on your business, not worry about accounts and tax matters. Thank you DNS :-)”
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“I've recently set up a Ltd. Company and signed up with DNS for my accounting services. I've found it very good value for money and hugely helpful in terms of advice and guidance. I have a named Account Manager, Sneha Gurudutta, who keeps in contact with me and offers advice on line and on the phone... I'm really pleased with the service.”