Management Accountant

What will a 'pay as you go' service give to your business?

• Enable you to be flexible so you can adapt to changes in demand for your business.
• Reduce overheads without losing your ability to manage your finances effectively and have the right information to make the right decisions.
• No commitment to paying set salaries.
• No responsibility for employer's NI costs.
• No need to worry about providing cover during holiday periods.
• No up front recruitment costs which are often 20% of first year's salary.
• No lengthy notice period.
• Avoid any training costs as all training is managed by The Local Accounts Department.

What is a management accountant?

A management accountant produces accounting information to managers within an organisation that enables them to be better equipped in their management and control functions and allows them to make informed business decisions. These better informed decisions can then improve the financial success of the business.

In contrast to financial accountancy information, management accounting information is:

• Usually confidential and used by management instead of publicly reported.
• Forward-looking instead of historical.

The key benefits of a Management Accountant in your business

The role of the Management Accountant is to help you understand the current financial situation of your business and it will: -

• Allow you to focus on running your business.
• Provide you with the right information to make the right business decisions.
• Enable you to comply with reporting requirements such as monthly figures for your shareholders or lenders.
• Be likely to lower accountant's fees.
• Enable better management of cash.
• Offer a highly consistent service. This is unique to The Local Accounts Department because we are not just independent and self employed professionals but also have the support of many other offices across the UK to call upon.
• Avoid payments for holidays or illness.
• Provide you with a detailed understanding and analysis of your business.

What are Management Accounts and what can they do to help your business?

• Deliver or oversee the bookkeeping function containing:-
  • Bookkeeping
  • Payroll
  • Credit Control
• Develop or refine reporting system and KPIs.
• Produce management accounts that can include Profit & Loss Sheet and Balance Sheet.
• Enable up to date cash flow management.
• Provide sales and financial forecasting and budgets.
• Report variance analysis.
• Highlight product profitability.
• Detailed cost analysis.
• Enter depreciation journals.
• Keep interest journals up to date.
• Regular accruals and prepayments journals.
• Liaise with accountant and/or auditor for End of Year Compliance and accounts production.
• Prepare End of Year Accounts.