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Management accounting for business owners
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.
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.
Absolutely top class service, fixed fees agreed in advance which means no hidden extras. Really friendly helpful guys that understand small business and go the extra mile to help and advise.
Paul Clark
N Clarke
Tackling the biggest challenges for business owners
In our experience, the 7 biggest challenges for business owners are:
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Information overload and difficult to get the insights that matter
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Problems understanding the accounts/numbers
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Cashflow is a constant battle, as is access to the right funding at the right price
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Unreliable financial insights
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Failing to break down the big goals into manageable steps
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No clear planning
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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?
Key benefits of management accounts
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Make more informed decisions based on up-to-date info in real time
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Measure performance of your business and team members
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Management accounts provide the basis for KPI’s - an invaluable tool if reported regularly
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Gain better control over your cash flow
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Understand where money is being spent
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Plan your tax and dividend payments
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Detect any fraud or malpractice in your business
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Run your business more effectively and efficiently
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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
MANAGEMENT ACCOUNTS
CASHFLOW
FORECASTING & BUDGETING
BUSINESS PLANNING
KPIs
OUTSOURCED FD
Management Accounts Package
Having an 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.
Your expert accountant will tailor management accounts package to your business dependent on your needs and plans. However, an example of useful reports are:
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Profit and loss report – summary of your sales less day-to-day running costs, broken down into spending categories
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Cash flow report – monthly bank transactions, broken down into income and money spent on both expenses and liabilities
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Trade debtor report – summary of clients owing you money for invoices raised
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Trade creditor report – details of companies/suppliers you owe money to
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Sales report – details the invoices you have raised
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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 or request a call back to find out more about how we can help you be more efficient and grow your business.