Transform your accounting function
Most business owners see their accounting function or department as a cost centre, something that needs to be done in order to keep the government happy through HMRC or Companies House. It costs money but does not generate any value.
But information generated by your accounting department, presented in the correct format, in the form of management accounts, can add a huge amount of value to your business.
The correct format will be determined by you and your business. Every business owner and their business is unique so no two sets of management accounts should be the same. However there are two characteristics of good management accounts that are consistent:
- Timeous – presented on time i.e. when the management needs them to make decisions. Every set of management accounts loses value the longer they are produced after the management report date. They need to be produced as soon as reasonably possible.
- Accurate – inaccurate management accounts are pointless.
Thereafter the management accounts can be produced containing any information that the management believe is necessary to understand their business; key performance indicators (KPI’s), graphs, figures and whatever else may be needed.
At Accounts Etc we work with business owners to transform their accounting department from a cost centre to a value added centre. That is why we have chosen to use and recommend Xero to our clients. Xero and the Add-on marketplace enable us to help you implement an integrated financial reporting system that can measure every part of your business.
If you would like to know more about how we can help you transform your accounting function please get in touch below.