Management Accounting focuses on looking forward rather than backwards at the previous year. To do this we assist you in setting targets and goals for your business and work out strategies on how to achieve them. Using 3 way forecasts (Profit & Loss, Cash Flow and Balance Sheets) we prepare timely analysis of your businesses actual performance compared to budget (goals) and review your Key Performance Indicators.
In consultation with you, we work out the appropriate KPIs for your business based on your goals and the stage your business is at. The KPIs can be related to profits, costs, cash flow, equity or any other non financial aspect of your business, such as the number of new clients/customers. As your goals change and your business grows, the KPIs are updated to ensure they stay relevant to your needs. Your business’s KPIs are presented on a simple easy to read one page report. We will help you understand the KPIs and develop strategies on how to improve them and your overall business performance.
Reviewing & understanding your business
Part of the Management Consulting process we work through with you is identifying the cost centres of your businesses. We can then monitor these centres and help you understand the impact these cost centres have on turnover and profitability. Once your costs centres have been identified and strategies developed to control them, you can focus on your growing your business knowing your costs will be under your control.
Your business can benefit from our attendance at regular management meetings where, among other things, we review your business performance, your KPIs, and identify any problem areas and develop strategies to resolve them. Meetings can be monthly or quarterly, depending on your needs. The agendas for these meetings are unique and tailored to your business.