Financial and management accounting

Take control of the numbers

There are two important strands in accounting: financial accounting and management accounting. Your business needs both but they’re quite different things.

Financial accounting is about providing a ‘true and fair’ record of your business’s financial situation in the form of year-end accounts. You’re required to provide these by law, sending them to both Companies House, if your business is a limited company, and to HMRC along with your tax return.

Our annual accounts service includes the preparation of statutory statements and year-end accounts, ideally built on the work we already do looking after your bookkeeping. We’ll anticipate any concerns or queries HMRC might have and make sure every detail is right before your accounts are submitted. If your business is required to undergo an audit, we’ll also respond to any queries from your auditors.

When it comes to management accounting the focus is on giving you and your management team the information you need to make the right business decisions, quickly. In practice, that means a monthly report feeding into your key financial performance indicators. Is this business performing against targets? Is cashflow healthy and are budgets being met? Is there action you need to take now to get back on course?

Our management accounting reports are more than just numbers. We also provide plain English commentary and clear advice, flagging anything you need to be concerned about – or, indeed, evidence that you’re on track to meet growth targets.

• Year-end accounts
• Monthly management accounts
• Budget comparisons
• Timely, accurate management information