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Management Accounting Services
What are Management Accounts and Why Do I Need Them?
Your accounting department is always busy preparing various financial reports on a monthly or quarterly basis to keep an eye on your business activity. However, you will require management accounting services to manage and monitor your business better. It serves as the foundation for decision-making processes, and the reports prepared under management accounts are prepared based on KPIs, balance sheets, and profit and loss.
Hence, these reports can help a businessperson like you track your business performance based on key indicators. Based on that, you can make critical financial and strategic decisions. Plus, these reports are also used to get a business loan. Furthermore, these reports can be shared with your exisiting clients to maintain their trusts.
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Important Information About Our Management Accounting Services
Cox Hinkins is experienced in offering management accounting services in UK, which have been designed to help your business by providing detailed quarterly and monthly management accounts reports. Thus, you can focus your resources on improving your services. With the help of our Management accounting services you can make informed and guided business decisions that will have a long-term positive impact.
Management accounting’s essential function includes:
- Future forecasting
- Make-or-buy decisions
- Cash flow forecasting
- Understanding performance variance and analysing ROR (Rate of Return)
- Staff and management performance
- Which customers are providing the most business?
- Pinpointing your business’s star performers as well as those who are underperforming
How Does Xero Help with Management Reporting?
Xero not only supports your business finances running on a day-to-day basis but also helps you make critical business decisions by collating data and reports used for preparing management account reports.
Management accounts report contains the following:
KPIs
Each business has its set of KPIs and that can help you track your business accurately.
Cash Flow
Cash flow is your business's lifeline, and through it you can get a forecast of cash inflow and outflow so that you can plan accordingly.
Balance Sheet
It showcases whether you have enough assets to pay your current debts.
Profit and Loss Report
It shows the revenues earned and expenses incurred by your business.
Performance of Each Department
Under it, your team's and department's performance are highlighted so that you can understand their performance and its impact on your business.
Difference Between Management Reporting and Financial Reporting
Let’s start with financial reporting, which must be done as per HMRC and Companies House. Banks and financial institutions depend on financial reporting to make business investment decisions. Financial reporting contains your company accounts, such as a profit and loss statement and balance sheet. Rules are already in place for collecting and displaying this information to maintain standardisation.
On the other hand, management reporting is not compulsory. However, it allows you to focus on specific departments and pinpoint which are performing better and which are not meeting your expectations.
Financial and management reports help you and your managers monitor the business and its trends and take necessary actions. If you cannot handle management reporting, consider outsourcing management accounting services to a professional service provider such as Cox Hinkins. Our outsourced management accounting solution is a low-risk approach to changing your financial practices while dynamically enhancing business performance and profitability.
Cox Hinkins is the place where you will find one-stop solutions to all your management accounting problems, thus giving you the peace of mind to concentrate on your core business activity.
Make your business stand out with our personalized management accounting services.
With Cox Hinkins, you are choosing a partner who understands the importance of managing your finances and empowering your business through strategic financial insights. Our dedicated team is committed to providing a comprehensive, flexible, and efficient management accounting service that meets your every need.
