The Power of Management Accounts
Taking care of your business ...
POSTED BY ROGER EDDOWES ON 16/04/2018 @ 8:00AM
At Essendon, we work hard to keep on top of your management accounts and take care of your business throughout the year. It is important for any business to have a strategy and plans to support it ...
Essendon's management accounts will give you the vital numbers you need!
copyright: utah778 / 123rf stock photo
Taking Easter as an example; your dream may be to sell Easter Eggs, make a fortune and sail off into the sunset on a Sunseeker motor yacht, but it’s not that simple. You need strategies and plans supported by facts and figures to help you achieve the dream.
I am a great advocate for business owners and managers having both their own mentors and robust accounting systems to provide those vital numbers to support the decision making.
So why do you need those vital numbers?
It helps with the planning. If you know that you will only receive income from Easter Eggs once a year in April you want to know how you can fund the other eleven months, you need cash flow forecasts.
It helps provide intelligence on peaks and troughs. Yes you may know that April is a good month for Easter Egg sales but maybe January is as well, those vital figures will tell you.
It helps you keep costs under control. Last summer for some reason there was a world shortage of double cream leading to a spike in costs. What would this do to your profitability, if you knew back then because you had the vital figures you could react.
It helps measure the performance of a product. For example, those vital figures could tell you if a milk or dark chocolate egg is selling best or whether a particular sales promotion worked.
Our aim is to take care of your day-to-day business, managing your accounts process and ensuring the relevant statutory filings are always made on time.
Alongside our management accounts services, Essendon Accounts & Tax offers a complete range of business support services including online accounting, payroll, company secretarial, tax return services and wealth management.
"Would you like to know more?"
If you'd like to talk about your management accounts or any of the accounting services I've mentioned above, do call me on 01908 774320 or click here to ping me an email and let's see how Essendon can help.
Until next time ...
More about Roger Eddowes ...
Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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