Most businesses rely on management accounts to give them the vital insight into how their business is performing, not just measuring but comparing to budgets, plans and forecast to highlight problems that need rectification. In business you cant wait until your auditor produces your accounts at the end of the year to find out how you are doing which is why you need regular, accurate management accounts.
A part time finance director from Dragon FD can help design and develop a set of management accounts which are relevant to your business and that will actually help you to manage more effectively for success. We can help you identify KPI’s - Key Performance Indicators - important figures that you can focus on in order to drive the business forward. Often these will be produced on a daily and weekly basis as well as monthly.
We can create a process where your own staff can produce KPI’s and management accounts for you and we can help to make sense of what the figures actually mean and what actions to take (many companies produce good management accounts but don’t understand or act on them).
It is a good discipline for management to meet regularly to review and discuss management accounts information to understand what is going well - and what isn’t - and come up with solutions. Good management accounts prepared and reviewed regularly will help spot problems and deviations from plans quickly so that they can be remedied before they become a bigger problem. We can provide invaluable assistance in this process.
With the right systems and reporting tools the regular production of high quality management information can be made easy. Modern system can produce this information on demand and give you insights to your business performance that you may never have thought possible.
A selection of well chosen and relevant KPI’s will be invaluable to you in running your business from day to day, week to week and month to month. The KPI’s should be a small number of really useful figures to avoid information overload.
Management accounts.
If your present management accounts are not giving you the information you need to run the business we can help develop a set of reports that are more relevant and provide the information you actually need.
If they are difficult to produce we can help with slick modern tools to make them easy