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Management Accounts – Vital and Invaluable…


Do you feel your business would benefit from having regular, up to date financial data and performance indicators available?  Can you no longer afford your inhouse accounts personnel and therefore need to outsource your monthly accounts function?

***Have your monthly or quarterly management accounts prepared by us and get a discount of up to 70% off your end of year accounts.  Call 01 6040011 to find out more or email info@threesquare.ie.***

“I cannot speak highly enough of the work Thomas does for our company. The financial data he produces every month is crucial to our well being as it allows us to act immediately and make decisions with confidence, particularly in this very competitive environment our business is in. He is excellent at explaining things and makes everything easily understood.  As Managing Director he makes life so much easier for me. I would highly recommend his services” Rosaleen Kelly

If you own your own business then chances are that your profits and cash flow are currently under more pressure than you have ever seen before.  Cash is tight, loyal customers are taking longer to pay and you are under daily pressure to further reduce your prices.

But can your business survive these negative pressures?

Under such circumstances regular, up to date and accurate financial data in the form of management accounts is a vital and an invaluable tool. It is only then, when you have the correct information at your disposal, that can you make the best decisions for your business.

Unfortunately for most businesses the only financial information they have access to is their end of year accounts.  Normally compiled at least six months after your year end the information provided in these accounts is out of date and of very little relevance to the crucial day to day decisions that need to be made.

The preparation of monthly or quarterly management accounts on the other hand will provide you with an accurate and ongoing insight into how your business is performing. It enables a business to accurately plan for the future,  to be both progressive and reactive, and to take necessary actions before it is too late.  The information presented in your management accounts could be vital in determining your businesses direction, competitiveness and ultimate success.

“We have seen an excellent improvement to our Company since taking on the services of ThreeSquare Accounting. Their hands-on approach has greatly enhanced our confidence in the business. By doing monthly Management Accounts and holding monthly Management Meetings with us, it enables us to make well informed and important decisions for our business quickly. I would highly recommend their services” Geraldine Scott

Management accounts will normally include the Profit and Loss account, the Balance Sheet and an analytical review of expenses. In addition, they will also include important performance indicators, sales and margin reports, costs analysis reports, and aged debtors and aged creditors reports.

The information provided in your management accounts will help you determine;

- Are you holding too much stock?
– Is this the right time to expand your business?
– Are you going to have enough cash to pay all your expenses over the coming months?
– Do you need to renegotiate contracts with suppliers?
– What is the cost of producing a particular good?
– Which products and/or services have the best margins?
– What was the return on investment of a particular marketing initiative?

***Have your monthly or quarterly management accounts prepared by us and get a discount of up to 70% off your end of year accounts.  Call 01 6040011 to find out more or email info@threesquare.ie.***

With this information management can react accordingly to any challenges facing them or also take advantage of any opportunities presented to them. For example – if costs have risen then perhaps a price review is needed, or overheads need to be controlled, or more turnover is needed to absorb fixed costs. If costs have fallen whilst turnover has been maintained perhaps then opportunities exist to price more competively to win more orders.

The preparation of management accounts can also help towards effective tax planning and therefore a reduction in tax liabilities.

For only a few hours each month, or each quarter, Threesquare Accounting can prepare a set of management accounts for your business containing all the vital information necessary to aid your decision making.

Call us today on 01 604011 or email us at info@threesquare.ie to find out more about our Management Accounts packages which we can tailor to your businesses specific needs.

August 15th 2011 |