Management Accounts and Information in Nottingham
What are Management Accounts?
Management accounts form a financial report used by business owners and management for day-to-day and strategic decision making. They are produced, usually, on a monthly or quarterly basis, and provide insight into the current financial health of a business by tracking various key performance indicators.
What should Management Accounts include?
This depends on where in the lifecycle stage the business is at, the sector it’s in, and the goals the owner/directors want to set for the business. Typically management accounts will include:
- Key performance indicators
- Profit & loss statement
- The cash position
- The balance sheet
Why are Management Accounts useful?
MI is a very helpful way to analyse trends, which helps businesses to forecast the future and solve any problems before they occur. You can use MI to monitor the outcomes they are achieving for customers, which means evaluating both consumer treatment and expectations. By using MI in this way, you can improve your service and business performance.
What is Management Information?
Management Information (MI) is any data that relates to business activity, including information about customers, staff and sales. Management Information is very useful for identifying potential problems.
Types of Management Information
Management Information can come in many different forms. Some common types are:
- Current financial information
- Productivity information
- Inventory management
- Sales data
- Future planning
Why is Management Information important?
Management information can be important to make future decisions, implement new processes, improve efficiency, gain competitive advantage and increase profits.
What is good management information?
Not all information is good or of the right quality for you to be able to base your business decisions.
Good management information should be:
- Prompt: if it takes 3 months to pull the data together it’ll be out of date and of no use to you.
- Relevant: if the information isn’t relevant to your business or your sector then don’t try and collate it and use it.
- Accurate: you need to trust and rely on this information to run your business and make sound decisions, so it has to be accurate.
- Followed up: there is no point analysing a load of data and then not using the results to make an effective change or future decisions. If it’s not acted on then you’ve wasted your time collating it.
How can Seagrave French help you?
How can Seagrave French help you?
“If you measure it, you can manage it!”
Up to date, relevant and quickly produced management information allows you to make the right decisions.
Our management accounts and information services include…
- Monthly or quarterly management accounts;
- Reporting of key performance indicators that are the underlying drivers that run your business;
- Help with in house systems for you to produce your own information;
- Training on how to get the most out of your information;
- Supplying management information to lenders;
- Branch/Divisional results;
- Actual performance compared to budget and/or comparative periods;
- Costing information, including break-even turnover levels.
Whatever your ambitions, we will commit to them wholeheartedly and deliver the premium service you deserve. Get in touch today to book a chat with the experts at Seagrave French.