Management Accounts Management accounts are ways for you to record certain financial aspects of your business using business plans, budgets, cash flows and forecasts and other systems. They differ from financial accounts because they focus on the future and not on the past. As your business develops you will need to plan for opportunities or threats within your business sector. Management accounting reports often include details of the company’s available cash, recent generation of sales revenues, the current state of the organisation’s accounts payable and receivable, and more.
They are very different from Financial Accounts, which are aimed at users external to the organisation and often produced much less frequently. Management Accounts on the other hand should help management make quality decisions about their business. If they don’t then they are really not presented correctly. Often we see business with what they refer to as Management Accounts (because they’re produced monthly or perhaps quarterly) and they look just like the annual Financial Accounts. In that form they are useless and doing nothing more than simply keeping score! We believe that starting and maintaining solid, professional accounting practices is essential for the growth of a business. Make sure yours are in order with C&C Accounting and Taxation Services.
C & C Accountancy and Taxation Services can assist you to make the right decision by providing you with the financial tools you need to succeed.
C&C Management Accounts Service The information found in management accounting is vastly different than financial accounting in a number of ways. While financial accounting reports tend to be based on historical data, management reports are primarily forward-looking. Management accounting reports are also usually confidential and for internal use only, as opposed to financial accounting statements, which are publically reported. Also, instead of being calculated based on generally accepted accounting practices, they are calculated based on management’s informational needs. At C&C, Our team of accounting experts have the knowledge, skills and training to process reports for management accounts. We take into account all aspects of your business and provide management accounting services that cater to you and your business. For more information on managerial accounting and the services we can provide you, contact us or fill in our form for a free call back.