Preparation of periodic management accounts
Periodic management accounts are central to making sound business decisions. The tragedy is that few businesses especially in the small and medium enterprise sector faithfully prepare and use management accounts in their financial decision making process. Our experience is that management accounts prepared internally are frequently inaccurate and with many un-reconciled balances. Our considered opinion is that periodic management accounts must be read in conjunction with approved practical budgets. Where we are outsourced for this important service we ensure:-
- We take the client through a comprehensive process of preparing practical budgets that include projected profit and loss statements among other financial statements to guide operations.
- Complete reconciliation of all account balances as a basis for preparation of management accounts, thereby providing the client with reliable accounts to make financial decisions.
- Timely preparation of management accounts for timely financial decisions.
- The management accounts are suitably prepared to facilitate routine monitoring and control of business transactions to achieve intended results.
- Management accounts are prepared in a manner that facilitates early preparation of audited statutory financial statements at the year-end.