Illuminate your business finances
Management accounts preparation and related accounting services: the best way to think of management accounts is as a miniature version of your year-end accounts only issued within the accounting period rather than after year-end.
Preparation of management accounts typically takes place either quarterly or monthly, depending on the size and complexity of the business and the requirements of the owners.
They allow you to quickly and easily take the temperature of your business’s financial health and make confident leadership decisions.
Our management accounts process
Following the end of the month or quarter and the completion of all bookkeeping tasks, whether prepared in-house or by Alchemy, we review the bookkeeping entries, ensuring all transactions have been coded to an appropriate account.
Next, we perform a reconciliation against your bank and supplier statements ensuring an accurate reflection of your real-life financial position. We also make sure nothing is being carried forward on your balance sheet that shouldn’t be there.
We then account for prepayments and accruals, ensuring that even if a transaction doesn’t fall within the management accounting period (such as quarterly rent, annual insurance and so on) but does relate to it, that an appropriate proportion is still reflected in the profit and loss account.
Finally, we consider making adjustments to the accounts for payroll, depreciation and tax.
We then present to you our report including a profit and loss account, balance sheet, debtor and creditor analysis, as well as any other metrics you’ve asked for, as long as we’ve got access to the necessary data.
We’ll also provide clear, direct, illuminating commentary so you know what’s what.
The benefits of our approach
With up-to-date, accurate financial records always at hand you’ll be well placed for discussions with stakeholders and investors or to make big plans for growth or change.
Management accounts services
- Monthly or quarterly report
- Balance sheet
- Profit and loss account
- Aged debtor and creditor analysis
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Let's talk about how Alchemy can help your business.