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How to improve cash on hand without jeopardising supplier relationships
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How to stay on track with the allocated budget for the year
Management
accounting services
Creating management accounts is an essential part of running a UK business of any kind. If you don’t have oversight of the financial aspects of your business, you’re operating blind. Let us “manage” that function for you – easily and efficiently!
Management accounts give you detailed insights into your income and expenses as a business. They include your profit and loss statement, cash flow statement, balance sheet and so on. When maintained regularly, they give you a complete picture of how your business is doing – and, therefore, how you can take it forward. Analysing them is critical before taking decisions on:
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How to respond to patterns in your business performance
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How to stay on track with the allocated budget for the year
By monitoring your management accounts, you can identify business trends and financial strengths and weaknesses and thus make informed decisions. They can be prepared on a monthly or quarterly basis.
It helps to take help from our
chartered management accountants
Without a handle on your management accounts, you could miss out on valuable opportunities and end up spending much more than you need to – staying on top of them, however, can be hard for busy entrepreneurs like yourself. So what do you get at the end of working with our brilliant chartered management accountants?
- Detailed reports with visuals and graphs as needed to illustrate the health of your finances
- A fresh set of eyes on your business numbers
- Tailored insights on how to meet your goals
The extent of our strategic
management accounting support
At Golding Accountancy, we don’t just summarise the data. We create solid value for you in terms of actionable insights on how you can boost your profitability through your management accounts. The services we offer include:
- Regular face-to-face meetings to discuss the reports in more detail
- Preparation of all management accounts and financial statements
- Recommendations on how to reduce your end-of-year tax burden
- Flexible support to keep pace with your evolving needs
- Advice on tax reduction and allowance claims
- Advice on cash flow optimisation
Frequently Asked Questions
(FAQs)
1. Who can prepare management accounts?
In theory, you, as a business owner, can draw up your own management accounts. However, it’s time-consuming and we recommend consulting with your in-house accountant or partnering with a third-party management accounting services provider like Golding Accountancy.
2. What is involved in management accounts?
Management accounts are internal accounts which are intended to help business owners make better financial decisions during the year. They typically include a balance sheet, profit and loss, debtor day analysis, key performance indicators and cash flow statement.
At Golding Accountancy, we have extensive experience in management accounting and would be delighted to help you understand your business better and drive higher profits. Reach out for a consultation today.
3. How does Golding Accountancy tailor its management accounting services to the needs of SMEs?
We understand SMEs’ unique challenges and how their accounting requirements differ from large businesses. SMEs’ management accounting requirements tend to vary because the organisation is less complex. However, they are still essential to understand better how their business is performing. Here’s how we tailor our management accounting services:
- Customised solutions: We work closely with SMEs to understand their specific financial goals and challenges, tailoring their services accordingly.
- Focus on key metrics: We help SMEs identify and track the critical metrics for their business success.
- Correct budgeting and forecasting: We work closely with our SME clients to create accurate budgets and forecasts to help them make informed decisions about their future.
- Cost analysis: We assist SMEs in identifying areas where they can reduce costs and improve profitability.
- Financial reporting: We help SMEs prepare clear and concise financial reports that are easy to understand and interpret.
- Cash flow management: We offer advice on improving cash flow and managing working capital.
4. What is the process for getting started with Golding Accountancy’s management accounting services?
Getting started with us is very simple!
- You can typically start by scheduling a meeting or consultation with us to discuss their needs and goals.
- Post that, we will likely assess the SME’s current financial situation and identify areas for improvement.
- Based on the assessment, a customised service agreement outlining the scope of services, fees, and timelines will be created.
- We may require access to the SME’s financial records and data.
- The management accounting services will be implemented, and regular reporting and analysis will be provided.
To get started with our management accounting services,
- Initial consultation: We’ll schedule an initial consultation to discuss your specific needs and goals. During this meeting, we’ll gather information about your business, such as your industry, size, and financial goals.
- Data collection: We’ll gather the necessary financial data from your accounting system or other relevant sources. This data may include:
- sales figures,
- expenses,
- cash flow,
- inventory levels,
- bank statements,
- payroll data,
- historical financial data,
- Cost of goods sold (COGS),
- operating expenses, and
- general ledger
- Analysis: Our team will analyse your financial data to identify trends, areas for improvement, and potential risks.
- Reporting: We’ll prepare regular management reports that provide you with a clear and concise overview of your business’s financial performance. These reports will be customised to meet your needs and may include key performance indicators (KPIs), financial ratios, and forecasts.
By partnering with us, you can gain valuable insights into your business’s financial health and make informed decisions to drive growth and profitability.
5. What level of involvement can I expect from Golding Accountancy’s team in my financial management?
The level of involvement can vary depending on the SME’s needs and preferences. However, we typically provide:
- Periodic financial reports, including profit and loss statements, balance sheets, and cash flow statements.
- Insights into key financial metrics and trends.
- Guidance on financial decision-making and strategic planning.
- Assistance with financial queries and problem-solving.
Why choose Golding Accountancy for
management accounting
From the fundamentals to the most complex queries, we’ve got your back on all things accounting and taxation. Our accounting services in the UK are the real deal!
Monthly accounts preparation
Get your up-to-date financial information monthly with our management accounts preparation services.
Performance analysis
Stop guessing about your business’s health. Our analysis will reveal areas to strengthen and expand.
Budget comparison
By analysing your budget against your actual spending, we help you make better financial decisions and grow your business.
Customised reports
We’ll create personalised management account reports highlighting what matters most to your business.
Financial insights
Our accountants transform your financial data into actionable strategies, going beyond numbers to drive business growth.
Businesses that have trust in our
management accountants
We’ll help anyone who’s excited about their craft, committed to their passion, and interested in getting to the heart of the financial matter. Our USP lies in our ability to provide top level tax advice to business in a wide range of sectors and backgrounds. And we deliver brilliant results.
Proof we are not
bull*****ing!
“I have used Golding Accountancy for completing my property tax each year.”
I have used Golding Accountancy for several years now to sort out my property tax. Being completely ignorant in this area I have always relied on them to help me through this minefield and explain things along the way. They always take time to answer my questions and I have been more than happy with their service over the years. Particular thanks to Anthony Burrell for his patience!
Christine Petherick
“Best accountants by far”
Ian, Anthony and the rest of the team at Golding are helpful, professional and friendly. The team have completed my self assessment each year swiftly and efficiently without a hitch, they are always on hand to answer questions and provide advice regarding my accounts. Golding has also provided help and assistance when I re-mortgaged (twice) when my mortgage advisor asked me for information I didn’t even understand. Golding Accountancy go the extra mile and I would recommend them 100% for anyone looking for an accountancy firm.
Jim Miller
“#TeamGolding”
I have used Golding Accountants since January 2017 for my Sole Trader accounts & Tax Returns. Initially with Ian Butler and subsequently with Anthony Burrell, both have been extremely professional in their approach.
If I have any queries they are easily accessed by email or more than happy to take time out of their hectic schedule to reassure me.
My Tax Returns come back to me extremely quickly & easily understandable.
I am more than happy to endorse them both.
Sean Whitelamb
“I have been using Golding
for a number of years”
I have been using Golding for a number of years and they have been excellent in all areas. I must mention particularly Anthony Burrell who has guided me through the minefields of taxation like no other. I highly recommend them.
Mr Richard King
Our wide-ranging
tech stack
We work on the top software and applications in the industry, delivering to you the very best possible.
Fancy a cuppa
with us?
Get in touch with Golding Accountancy for guidance on the ins and outs of accounting, taxation and financial management? Let’s hang out – it’s on us!
PS: We love biscuits.
Or, email us at info@wearegolding.com
Or, email us at info@wearegolding.com
