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Management Accounting (Risk & Control)
Management Accounting is the process of measuring and analysing the financial activities of a business, interpreting and communicating the financial information to the management to facilitate risk management, internal control and decision making. The purpose of management accounting is to check and analyse the financial health of the business and it helps businesses to identify and reduce unnecessary spending and operational inefficiencies to maximise profits and the value of the business.
Many small Businesses fail to recognise that running a business without management accounts is like running a car without brakes or an accelerator; without management accounts, you can never be fully in control of your business. It is vital that management identify Key Performing Indicators (KPI) so that the key decision-makers are in full control
The financial statement must be free from material mis-statements and must accurately represent the financial performance and positioning of an entity. Fair view of financial information given by the MIS report is highly dependent on the reliability and accuracy of financial reports. Most businesses are unable to check and analyse the health of their businesses due to a lack of maintenance of regular and accurate books of accounts and unavailability of qualitative financial reports.
We offer a standard MIS report which accurately evaluates and reports the financial health and long-term sustainability of our client’s business. Our technically sound and qualified management accountants prepare the MIS report by making a detailed analysis of your financial activities by using the costing and management accounting techniques such as ratio analysis, leverage analysis, working capital analysis, capital structure analysis, break-even point analysis, budgeting, marginal costing and standard costing techniques etc. Our Basic MIS report includes key financial statements such as income statement, balance sheet and cash flow statement and additional analysis reports. This covers the main areas of financial health, consisting of liquidity, solvency, profitability, and the operating efficiency of the business.
Our management accounting services includes :
- Basic management accounting services with key financial statement and normal analysis reports
- Specialised management accounting services with customised financial statements, detailed analysis report and additional comparative statements.
- Financial projections and budgeting
- Technical assistance and advisory services