Informed Decisions begin with information. And good informed decisions begin with good information.
You only need to look through the history books to see countless examples of this.
How does this relate to bookkeeping? Many small businesses only look at bookkeeping as a necessary evil, something that has to be done in order to complete your VAT returns, or apply for a loan, or submit your annual accounts. But locked away in all those receipts and statements is information. Information that, properly presented and used, could help you make decisions critical to your business. And to do that you need to get this information promptly, and in a way that makes sense to you.
If you only look at your accounts when you get your year-end figures, probably 8 months after your year end, how can you possibly use them to make good decisions about your business? That is like a football manager only finding out his team are 2-0 down at half time 5 days after the match is finished.
And the information that you have needs to be the information that you need to see. In the format that you need to see it in.
The Management accounts that we produce can take whatever form you need them to be. In fact, management accounts should only be in the format you need them to be. It is all about helping your business to grow and having the right information is essential for that. If looking at a balance sheet won’t help you to make decisions about your business, then we won’t give you a balance sheet to look at. It may sound simple but for many, that is sadly what they are currently dealing with.
Working with Momentum Bookkeeping
We encourage our clients to view management accounts on a monthly basis, and we will prepare the information you want and need. As a starting point we will prepare the typical reports you would expect, but from there we will customise and add whatever is required.
Example Standard Management Accounts
- Aged Debtors
- Aged Creditors
- Profit and Loss Report
- Balance Sheet
- Previous Year Comparisons
- Year on Year Sales Figures (By week/month)
Typical Other Reports
- Gross Profit Analysis
- Gross Profit Analysis by Product Category (Or individual product if required)
- Job Costing
- Monthly Sales By Customer
- Monthly Purchases By Supplier
- Work In Progress Analysis
- Stock Utilisation Reports
- And anything else you need.
If this sounds like it might be of interest to you then the next step is to get in touch. We work with clients across the UK on Management Accounts. And whether you prefer to do this by zoom, phone, email or face to face, we are more than happy to work to the way you prefer. After all it is about building momentum in your business.