There is a world of difference between what Management Accountants do compared to other Accountants.
So we thought we would take a moment to clarify what they are.
Management Accountants:
- Do much more than just your ‘end of year accounts’ AND they want to be much more activily involved in your business throughout the year.
- Are their company’s first port of call for business advice as they have real business experience for over 50% of SME’s .
- Get to know the ‘nuts and bolts’ of your business, so they can analyse its financial standing and how it impacts the company, as well as understanding the pressures you are dealing with too.
- Are directly involved in areas such as budgeting and forecasting/ external financial reporting/ risk management / analysing profitability performance.
- Can provide specific guidance on how your company may improve on its financial health of the organisation.
- Are involved with the internal reporting of the business and will tailor their monthly/quarterly reports to best suit the needs of your company. This in turn enables your management team to see clearly how individual aspects of your business impact on its productivity and profits throughout the year.
- Forecast what may happen based on taking different courses of action, which gives this type of accounting a focus on the future as opposed to traditional financial accounting which focuses mainly on what transactions have occurred in the past.
Within eccountinc, we strive to work with likeminded, purpose driven, sustainable businesses, who care about their people and the planet we live in, along with making a healthy profit.
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