Are you tired of waiting until year-end for outdated figures? Overwhelmed by the complexities of your finances and the constant juggling of numbers?
Here at Jameco Group, we provide a fully comprehensive management accounting service throughout Kent and the UK, allowing you to stay on top of your business finances without the headache or expense of an in-house team.
Welcome to Jameco Group, experts in management accounts
At Jameco, we value the importance of real-time information and the pivotal role of accurate management accounts in steering your business towards success. Our team is committed to providing timely, precise, and insightful financial data to empower your business decisions and fuel growth.
Allow us to take on the complexity of producing your management accounts so you can focus on making the most of the data to deliver results. Contact us today to discuss your finances with one of our specialist team members.
What are management accounts?
Management accounts are non-mandatory financial reports prepared on a shorter, more frequent basis than statutory accounts – usually quarterly or monthly- providing up-to-date insights into a company’s financial position and health. Typically, a set of management accounts includes a balance sheet, profit and loss account and cash flow statements.
What are management accounts used for?
Senior leadership teams use management accounts to monitor their company’s financial health, make data-driven decisions and identify areas of improvement and opportunity. Management accounts can also be used to set budgets, monitor efficiency, aid cash flow, and track key performance indicators (KPIs).
Whether your company is in survival mode trying to identify financial weakness – or it’s a healthy business looking to grow to the next level, a management accounts service can help you conquer your goals and reach the next step in your journey.
Who needs to prepare management accounts?
Management accounts are vital for any company that takes its growth seriously and sees the value in using financial data to make strategic decisions.
Although management accounts aren’t mandatory for HMRC or Companies House, businesses of all shapes and sizes choose to produce them to gain insights into their financial performance. Management reports also assist companies in making informed decisions, keeping them competitive and ensuring the future growth of the business.
Larger businesses with in-house finance professionals usually produce management accounts in-house. However, due to the complexity and high skill level in creating management accounts, SMEs often turn to an accountancy practice for a management accounting service.
Our management accounts service
Gone are the days of waiting until financial year-end only to receive outdated advice from your old-school accountant! If you want to improve your accounting processes and invest in your business, then real-time financial insights and quarterly/monthly management accounts are essential.
Jameco’s management accountants services provide in-depth and bespoke reports on a quarterly or monthly basis, depending on your business needs.
We recommend combining this service with our virtual finance director service for optimum accountability, efficiency and growth. This will enable regular management accounts meetings and allow you to benefit from our team’s vast knowledge and experience in financial data analysis.
Why are management accounts important?
Management reporting provides current, precise and regular company-wide snapshots. It offers a significant advantage for businesses, helping them to improve efficiency, save costs, drive profits, maximise margins and grow sales.
By analysing trends and key financial metrics, businesses and their accountants can easily manage cash flow, control expenses, and plan for the future. Also, management accounts facilitate strategic planning and regulatory compliance and enable potential investors to gain insight into the business.
Last but not least, management reports are essential because of their frequency. Let’s take an example: If your business financial year starts on April 1st, the soonest you’ll receive financial data is 31st March the following year (year-end). In reality, it could be up to another nine months – so the data could be up to 21 months out of date by the time you receive it. Hardly valuable in a fast-paced, competitive business environment!
Management accountants can provide monthly or quarterly reports using current data, which is crucial in keeping on top of business performance.
Prepare management accounts with Jameco Group
A qualified, experienced management accountant does not come cheap, making it prohibitively expensive for most growing SMEs to hire one in-house. Fortunately, Jameco Group offers a fully comprehensive management accounts service, providing your business with accurate and timely financial insights at a fraction of the cost.
Our approachable, professional team offers everything from bookkeeping to management accounts and payroll to virtual finance director services. Customer service is at the core of what we do, and we are dedicated to helping businesses become more efficient and grow their profits.
Partner with us and experience the difference experienced accountants can make to your business. Drop us a line here, and we’ll be in touch.
Frequently asked questions about management accounts
Can Xero produce management accounts?
Xero is indeed equipped with the functionality to produce management accounts. Xero obtains and organises large amounts of data directly from your sales channels and bank feeds. This can then be fed directly into creating a bespoke management report – perfect for your growing business.
At Jameco Group, we utilise Xero as our core accounting system but prefer the functionality of other reporting software for management accounting services. We feed our clients’ Xero data directly into Syft. Then, we can produce reports in an interactive, graphically pleasing format, which our clients love.
What is the difference between management accounts and statutory accounts?
Statutory accounts are obligatory for limited companies and are submitted annually to HMRC and Companies House. The purpose is to ensure transparency, accountability, and the accuracy of financial information for shareholders, creditors, and other stakeholders. Therefore, the reports are made public.
Management accounts, however, are not mandatory and are for internal distribution only to stakeholders like managing directors, owners and leadership teams. The purpose is to monitor business performance, aid in decision-making, and track efficiency on a regular basis.