Our dedicated team works with clients in all sectors and of all sizes, and every client is allocated a manager to provide support the whole year round.
Often for SMEs the only piece of verified financial information they receive each year are the annual accounts. Whilst these accounts may be an indication of the financial health of the company at one point in time, it is vitally important for most businesses that they also produce monthly or at least quarterly management accounts. We ensure that we go further than other accountants – we don’t just hand over the accounts, we take time to explain what they mean, and give you our understanding of the story they tell – in business terms, not accountancy.
Whilst many companies (especially small businesses) regard having monthly or quarterly accounts as a luxury, the benefits of a business having regular and timely management accounts almost always outweighs the expense – our specialist outsourcing team can work with you to prepare your accounts on whatever basis you require. For some of our clients, our outsourcing team visit their premises one day per week to ensure they have the most up to date information at their fingertips.
Monthly management accounts enable valuable cost comparisons to be made, be it month compared to month, or actual against budget. Interrogating costs regularly and in detail can lead to significant savings. Management accounts are almost always necessary when looking to banks or other lenders if you are seeking funding, and suppliers will expect to see them if you are looking to obtain credit. Further, staff and managers can monitor their own and their department’s budgets against management accounts, which will help motivation and staff accountability.
Perhaps, and most importantly, committing to producing regular management accounts either internally or by employing the specialist team at Cowgills ensures our clients avoid any big surprises when it comes to the year end and allows them to keep a tight control throughout the year.