One of our clients operates in two distinct markets with different dynamics.
The product they sell has varied profit margins, depending on which market they’re selling to. And each segment is managed differently by the business.
So when we prepare their monthly management accounts – which are regular snapshots of their financial performance – our report has to reflect these differences. It’s the only way to accurately understand how their business is doing financially, and make informed decisions about its future.
For example, simply telling them that “profitability was down last month by 5%” wouldn’t be very helpful. They need to understand if there was a performance discrepancy between the two sides of their business.
Were expenses being managed more efficiently on one side than the other? Is demand dropping in one segment, but looking healthy on the other?
These are the kinds of critical questions they need answers for, to drive their growth.
Your business also needs monthly management accounts.
Annual accounts can only tell you what happened months ago, but management accounts allow you to see what’s happening right now.
However, it’s crucial that these accounts are tailored to your specific business needs. They must reflect your unique setup, the key performance indicators (KPIs) you’re tracking and the information you need as CEO to make decisions.
If the reports you’re receiving feel generic, these aren’t true management accounts. And they’re probably not very useful to you.
That’s where the Outsourced Finance Department can help.
When you partner with us, we start the relationship by spending lots of time getting to know what truly matters to your business.
We work closely with you to grasp your business’s structure, priorities, people, products and markets – and identify the financial information you need, to become a better CEO. This is different in every business!
This is very different to the way that a “standard” accountant operates. They rarely get to know your business in-depth.
But you can’t deliver valuable insights for a business that you don’t know that well.
Then, our team prepares your accounts on a monthly basis, collaborating with you to interpret the data and use it for decision-making purposes.
Over time, as your business evolves and you have new questions about your company’s financial performance, we adjust the data we collect and present. This ensures that your monthly management accounts remain relevant and genuinely useful to you, as the CEO.
Ready to take your business’s financial management to the next level?
Get in touch with us today to find out more about how the Outsourced Finance Department can support you.
Don’t settle for generic accounts (or no accounts!) that leave you craving deeper insights. Let us empower you with tailored management accounts that unlock the full potential of your business.
Simply email garry@insightassociates.co.uk to get in touch. Or call us on 01279 647 447.
We look forward to discussing how we can maximise your profitability and help you grow to £5 million, £10 million – and beyond.
Warmly,
Garry
