Management Accounts and Forecasting | Reach Accounting Solutions

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Management Accounts

Management accounts are a helpful tool that provide you with financial insights into your business throughout the year and therefore assist in the successful operation of your business.  Often business owners have a good understanding of the current cashflow position of their business, however this doesn’t always reflect the profitability of the business.  You can have cash in the bank today, but still be loss making.  Having such information, will enable you to make well informed business decisions that are appropriate for your business at that point in time.

For example, separate analysis of the performance of distinct areas of your business e.g. different branch locations or different product categories enables you to repeat what is successful and address poorer performing areas.  Alternatively, if business has taken a dip and the solvency of the business is weakening, you need to be aware as soon as possible, so that you can take action to remedy the situation and limit your personal exposure. 

We are able to provide you with tailored management accounts in a format to suit your business, whether that be focussed on graphical representations and key performance indicators or numerical analysis.  Have a chat with a member of the team today, to determine whether monthly, quarterly or bi-annual management accounts are most appropriate given your needs, your businesses performance, risk factors and your budget.

 

Forecasting

Formal forecasts may be required if you are applying for business finance or seeking to attract investors.  This can be daunting task.  However, we can work with you to prepare thorough well presented forecasts to achieve your objectives.  We can also liaise directly with finance providers or investors to answer questions and speed the process along.

Forecasts and budgeting can also be prepared for internal use and we can also assist with this.  One of the team will sit down with you to understand what your personal and business goals are, what challenges and opportunities the business has, etc and draw up forecasts/budgets with you to help in achieving the outcomes you are looking for.

Cashflow forecasts, are a particularly helpful tool and we can create a template for you to use, to continually monitor the upcoming cashflow of the business.  Of course, the tax liabilities that we have forecast for you should be included in the cashflow forecasts, so that you are fully aware the impact that these will have and you can plan accordingly.

  • Support Available for Business Owners in Relation to the Coronavirus COVID-19 Pandemic/ 18th March

    While we may not be able to physically join hands at the moment given the current social distancing measures, as business owners we can all virtually join together to help and support each other as much as we can. Hopefully, you will have seen the statement issued by the Prime Minister and Chancellor on 17th March 2020, outlining the additional support they are making available for businesses.  These measures include: Cash Grants and Loans

  • Our March 2020 Budget Review for Business Owners/ 11th March

    Not only have we had the news that interest rates have been cut from 0.75% to 0.25% today, Rishi Sunak has also delivered his first Budget, which we’ve been awaiting with interest. It’s the detail that is important, not just those few points that make the headlines.  So, here is our summary of the key points for business owners.   Budget Summary for Business Owners   The main income tax and corporation tax rates and thresholds remain unchanged. Entrepreneurs’ Relief We’re pleased to see that Entrepreneurs’ Relief has been retained.

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