Management Accounting includes the preparation of management reports and accounts that provide accurate and timely financial and statistical information. Information required by managers to make day-to-day and short-term decisions more efficiently and effectively to achieve desired outcomes such as increasing profit or delivering improved services.
Unlike financial accounting, which produces tax returns and annual reports, management accounting generates monthly or weekly reports for an organization's management and decision makers. These reports typically show items such as available cash, sales revenue, orders in hand, accounts payable and accounts receivable, and outstanding debts. An important aspect of Management accounting is determining what information management needs and communicating this effectively.
LevelOne can assist with all aspects of management reporting including:
- Strategic advice to managers about the financial implications of projects
- KPI reporting
- Explaining the financial consequences of business decisions
- Formulating business budgets and business plans and strategies
- Monitoring spending, financial control and Cashflow projection
- Conducting internal business audits
- Monthly/quarterly management reports
- Product costing reviews.