Many businesses believe all they need from their accountants, and all their accountants offer, is annual accounts and the preparation of tax returns.
However, your accountant should be able to offer much more and should be able to contribute towards the profitability and effiency of any business.
At Owen Accountants one of our most important services is providing regular management accounts to our clients on a monthly or quarterly basis. We visit many clients on a weekly, fortnightly or monthly basis to facilitate management accounting. Typically, a client will have their own staff inputting basic transactions whilst we go in regularly to produce the management accounts, often in conjunction with VAT, CIS and other regular returns. Some clients prefer us to do all of the bookkeeping. Other, normally smaller, clients, bring their records to us on a monthly or quarterly basis and we produce management figures.
Management accounts enable a business’ proprietor to make both day to day and long term decisions on running the business. We think it is an important part of a business’ control function.