Welcome to Daniel Wolfson, management account experts
At Daniel Wolfson, we know that businesses require more than just bookkeeping and accounting services these days. We believe that a competitive business market is something to embrace and not shy away from.
Whether you’re a small business owner or a large corporation, with our support, you’ll gain a detailed, accurate view of your finances so you can make confident business decisions.
We prepare management accounts using a holistic approach designed with you in mind. We provide clear, timely reports that give you a deeper look into your company’s financial position. We track key performance indicators and produce several relevant reports, including a profit and loss statement, asset liability management, and tax reports.
Take the first step towards achieving your business goals. Get in touch today and let us handle your management accounts preparation.
What are management accounts?
Management accounts are customised financial reports primarily, but not exclusively, used to aid internal decision-making. Their main benefit is to provide decision-makers with up-to-date information so they can act quickly on emerging opportunities or threats.
The primary function of management accounts is to provide timely financial information to identify your business’s profitable and key performing areas.
We produce management accounts that help you:
- Understand your business’s behaviour and performance;
- Shape the future of your business with sound professional advice;
- Access future investment with precise cash flow forecasting;
- Understand current margins, costs, and break-even points to inform future financial decisions;
- Identify areas of your business that are underperforming or exceeding expectations.
How often should management accounts be prepared?
Management accounts are usually prepared monthly or quarterly. However, you can request them more frequently to support a loan application, meet with potential investors, or address underperforming areas of your business.
Key components of management accounts
Our detailed management accounts can produce a picture with no set format or time limit. The possibilities are endless. By using raw data, analysis, and insight, we help you get a 3D snapshot of your business.
Take a look at the key components of management accounts:
- Financial statements are the core. These statements include the profit and loss account (an overview of your company’s revenues and expenses), the balance sheet (a snapshot of the company’s assets), liabilities, and equity, and the cash flow statement (detailing cash inflow and outflow).
- Operational metrics show sales figures, production rates, inventory levels, and sometimes customer satisfaction scores. They complement the financial statements and provide insight into your business operations.
- Key performance indicators (KPIs) are the specific metrics your business tracks to measure its performance against set objectives. They can range from financial metrics, like profitability margins, to operational ones, like customer acquisition costs.
- Budget versus actual comparisons highlight how the actual figures relate to the forecasted budget, pinpointing areas where your business could be overspending or sectors where revenues are falling behind.
- Forecasts and projections are in the form of sales forecasts, expense predictions, or even growth projections. Future projections, based on current data and trends, are analysed and integrated into your business plan.
- Analysis and commentary turn raw data into actionable insight. We drill down into your figures to highlight trends, identify potential challenges, and pinpoint opportunities, while the commentary provides context and makes the data more tangible, usable, and real.
Our management accounts services
At Daniel Wolfson, our management accountants use their expertise, knowledge, and experience to produce valuable reports for business owners. We are skilled in financial principles, tax regulations, and industry best practice, leaving you feeling confident that you’ll get accurate and meaningful insights.
Our management accounts provide a clear view of your business’s financial health on a monthly or quarterly basis. This helps you see any potential opportunities and issues before they arise so you can manage growth. Having a good management accountant like Daniel Wolfson review your business data objectively means you receive genuine, actionable advice.
Here are just some of the areas our reports can bring into focus:
- Potential growth areas
- Inefficiencies
- Cost-saving measures
- Future business strategy
- Fraud or wrongdoing, oversights, and errors
Our management accounting service focuses on compliance. We see hunting for anomalies and forensically checking the figures as a major element of the brief. This is a key opportunity to spot errors and oversights which could cost your business money and tarnish your reputation.
We use the latest accounting software and store your data securely on the cloud. With real-time access to your bank statements, receipts, invoices, books, accounts, and HMRC tax account(s), we have even more time to learn about your business and focus on other pain points.
Make data-driven decisions with our management accounts
Time your investments just right, make smarter decisions and see your business thrive. At Daniel Wolfson, we’re committed to providing holistic accounting solutions to B2B companies across Radlett and northwest London.
We offer virtual or in-person appointments to learn about your business and goals. Plus, as your business grows, we can adapt, too, welcoming new demands and challenges.
Contact us today to book a free consultation or discuss your growth plans. We’ll show you how our management accounts service can help you visualise and harness your objectives.
