Management Accounts and Reporting
Make better business decisions with meaningful data
Business owners must be responsive to the changes happening inside and outside their business. However, big data and data mining can be overwhelming with the increasing amount of data generated from technology and systems.
From a financial perspective, this can lead many to report and record the essentials, whether to remain compliant with HMRC or run the business daily.
There are valuable opportunities hidden in your financial data, including the information needed to make better business decisions.
We offer a modernised, meaningful view of your accounts through timely reports and forecasts.
“Research confirms that businesses that base decisions on data – not instincts or experience – are 19 times more likely to be profitable.”
— Bernard Marr, How to Profit From a World of Big Data, Analytics And Artificial Intelligence.
Traditionally, business leaders have used their instincts to drive into new markets or open new branches. Whilst this vision and ambition are essential, meaningful data can strengthen their plans with facts and insight.
We talk to many businesses who have lost sight of the ambition they had and have begun solely "surviving" in this challenging market. As the economy and world continue to change at a sometimes alarming rate, business owners need to be well-equipped to make any necessary changes.
There are many benefits to using data to make decisions related to finance.
Reliable financial data
Much is made of how Xero and similar packages are easy and intuitive to use. This is true to an extent – but it is still easy for things to go off track which then means the data you are relying on may be less robust than you may think. The first stage of our process is to assess the quality of the data, identify any key issues and work with you to bring everything back into line. We can also provide ongoing support to ensure that the data continues to be as accurate as possible.
Financial reporting when you need it
To make key business decisions you need information which is current otherwise, those decisions may be made on shaky foundations. Our process ensures you have regular, near-real-time management reporting to support you in making those business-critical calls.
Reports tailored to you
The best financial data in the world will be of little use if it is in a format which is too hard to use. We will help you to determine the key KPIs that you need to measure against in running your business.
We will then tailor your reporting to focus on those key measures – cutting through the mass of numbers to give you the information you need in a clear, meaningful format. This means you will spend less time interpreting the data and more time acting upon it.
Regular insights from our specialists
Thanks to the power of cloud computing and cloud services, we will be able to see your financial data in real-time. Our process includes regular catch-ups with your key contact to provide deeper insights into your financial information. We will be there to help you identify key trends and areas of opportunity or concern, working with you to develop solutions to address issues and strategies to maximise opportunities.
Accountability
Too often it is easy to become wrapped up in the day to day of your business and lose sight of the longer-term goals and the actions need to achieve them. We will help you to identify the actions you need to take, but also be the voice of your conscience to ensure you take the steps you need to drive your business towards a successful future
You are not alone!
Being the leader of a business can be a challenging and lonely role. Sometimes just knowing that others are facing the same challenges can be a great comfort! We will provide you with the reassurance that you have access to the support that you need.
FAQs
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Cashflow can be very different to profits and at times when a business is growing can work in opposite directions to each other. This is a normal growing pain for an expanding business. It is quite possible for a highly profitable business to suddenly find itself short of cash.
Understanding the working capital (cash) requirements of a growing business is essential to supporting the growth journey of any business. Our specialists can help build a plan to assist with this critical part of any successful business.
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There are often several year-end adjustments such as depreciation, Corporation Tax Liabilities, recoding of invoices, and dividends to name a few. These would be reflected at the year-end but are seldom updated in the client’s software.
Ensuring that these changes are reflected in the accounting software and building these amendments into management accounts for clients allows key stakeholders to have accurate and up-to-date management information for them to use when making business planning decisions.
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It is often the case that a growing business can incur tax and other costs as it grows which, without proper monitoring, can lead to significant unexpected costs. At the smallest level this can include exceeding the VAT threshold but can include much higher income or corporation tax bills and potentially even having to pay these taxes on account much earlier than before. Often these are only picked up when completing the year end accounts - usually long after the event when it may be too late to correct the position. This can cause a great deal of heartache and frustration which could quite easily be avoided.
Without being involved on a more regular basis it is impossible for your accountant to pick these up at the time. Regular input from your accountant on your financial information and how it interacts with your overall business planning will pick these up, ensuring they are foreseen and planned for.
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Quite often, owner-managers can be uncannily astute about how their business is doing, and the figures at the year-end justify this. However, in periods of inflation and market fluctuations, this intuition is far less likely to be enough to deal with the challenges presented by uncertainty.
Having up to date and accurate management accounts gives the business owners/directors immediate confirmation of how their business is performing, allowing them to adjust and manage their business activities accordingly.
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We’re happy to help with any financial aspect of your business, including navigating HMRC’s digitalisation roadmap to 2026.
Here is an example of the services we can provide:
• Assist you with Making Tax Digital registration
• When considering new software, we can support your decision-making and help streamline your processes
• When resource challenges crop up due to employee departures, we can fill the gaps
• We can assist with the recruitment of new or replacement members of the finance team
We aim to work alongside our clients to help and assist you plan and adapt for your future, whatever your priorities may be.
To view a full range of services we offer, look at our service page for more information.
Interested in learning more?
If you would like any more information about our services, don’t hesitate to get in touch. Our knowledgeable partners are always available to chat and will be able to guide you towards a service that benefits you and your business.
Fill in the form to arrange a callback or contact us using the details below:
Email hello@wrpartners.co.uk
Give us a call 08000 664 664
Our Offices
The 5 offices that we have in England and Wales are staffed with experienced consultants who offer their services to provide you with expert business advice. If you would like to learn more about a specific office, please visit the respective link on the right or visit our office.
