Management accounting for business owners in the Isle of Man
Do you want to grow your business or be more efficient?
Do you need better financial information to make better business decisions?
If that's a yes to both, then our management accounts package is for you.
Purple Accounts is committed to your success as a fellow small business owner. We're not just bean counters - we're expert small business advisors and Chartered Management Accountants to help you do better in business. We've helping businesses in Douglas and across the Isle of Man since 2007 - so you're in the best hands.
For business owners, bookkeeping and accounting is a ‘necessary evil’. It’s an essential job that has to be done to meet your legal obligations. However, management accounts give you better information to help both run and grow your business and this can have BIG benefits.
Tackling the biggest challenges for business owners in the Isle of Man
In our experience, the 7 biggest challenges for business owners are:
Information overload and difficult to get the insights that matter
Problems understanding the accounts/numbers
Cashflow is a constant battle, as is access to the right funding at the right price
Unreliable financial insights
Failing to break down the big goals into manageable steps
No clear planning
Lack of expert support
It's too tempting for business owners to simply check the bank balance and log out. But what if you’re missing amazing growth opportunities because you haven’t kept an eye on the incomings and outgoings? Or perhaps there’s an upcoming pitfall which you haven’t spotted? Maybe you could make your cash flow that bit smoother if you change your payment terms? What impact would it make to put your prices up? Plus the all important question.. what’s the tax bill going to look like at the end of this year?
For more information about how we can support your business, call David on 07624 336057 or email: email@example.com.
Key benefits of management accounts
Make more informed decisions based on up-to-date info in real time
Measure performance of your business and team members
Management accounts provide the basis for KPI’s - an invaluable tool if reported regularly
Gain better control over your cash flow
Understand where money is being spent
Plan your tax and dividend payments
Detect any fraud or malpractice in your business
Run your business more effectively and efficiently
Feel more confident in your ability to manage your business finances Rather than wait until the year end, you’ll identify adverse trends and take action
FORECASTING & BUDGETING
Management Accounts Insights Package
A really useful service for Isle of Man businesses that takes you beyond the surface level of figures and percentages and into the heart of your business’s performance. This isn’t about crunching numbers, it’s about interpreting them and using them as signposts on your journey towards growth and profitability.
The Management Accounts Insight Package is designed and delivered by David Parker - Chartered Management Accountant with CIMA.
You’ll get a comprehensive understanding of all your key numbers every month, without you having to delve into spreadsheets or financial statements. Consider it your personalised business insight report, taking the complexity out of financial analysis and delivering clear, actionable insights.
Here are some of the package highlights:
• You’ll know how and where your business is generating or consuming cash.
• You’ll know whether you made a profit last month and by how much
• We’ll identify potential levers you can pull to increase your profitability
• We’ll assess the effectiveness of your marketing
• We’ll check whether your overheads are under control
• You’ll get a thorough review of your margins and pricing
• We’ll provide profit and revenue comparisons to previous years
Essentially, the ‘Management Accounts Insight Package’ is your secret weapon for turning financial data into a powerful growth strategy for your business.
Having an expert Chartered Management Accountant put together important information for you in a pack once a month or quarter, helps you to make wiser and more informed decisions about the future of your business. Otherwise, you’re effectively making decisions on gut instinct.
You'll get advice and a management accounts package tailored to your business dependent on your needs and plans. However, an example of useful reports are:
Profit and loss report – summary of your sales less day-to-day running costs, broken down into spending categories
Cash flow report – monthly bank transactions, broken down into income and money spent on both expenses and liabilities
Trade debtor report – summary of clients owing you money for invoices raised
Trade creditor report – details of companies/suppliers you owe money to
Sales report – details the invoices you have raised
Balance sheet report – summary of your company assets (e.g. cash, equipment) liabilities (future payments due e.g. Corporation Tax) and retained earnings (the profit in the company plus shares).
Get in touch to find out more about how we can help you be more efficient and grow your business.