Would your business benefit from monthly or quarterly management accounts?

Having quality management accounts can be beneficial to your business as they can help you to grow by making it more efficient and hopefully more profitable.

Management accounts are a set of detailed accounts prepared to illustrate the company’s   performance. The goals of the accounts are to provide key financial information which will help with short term financial decisions and in planning for long term development. 

The main advantage of having management accounts is being able to control the business. If you want to make projections, cash flows or be able to be accepted for finance, management accounts are an essential starting point. They will provide you with the up to date information throughout the year to give you accurate feedback of performance. If you find that your business is growing rapidly and want to be able to plan for the future, we recommend that you put in the controls and ways of reporting now to help guide the growth.

Typically, the accounts are prepared on a quarterly basis; it is not uncommon however to have monthly reports supplied to the business.

If you feel that additional guidance is needed as your business starts to grow, then please get in contact with us so we can help you make the right the decisions. Please visit our website for a complete list of our support services Click Here. 

Or contact us on 0116 2423400 or info@torrwaterfield.co.uk 

Eoghan Macilwraith, Accounts & Tax 

 

Managing self-development

Self-development allows individuals not just to achieve their career and personal goals, but also helps to support the achievement of business objectives since skilled, fulfilled employees will make more effective contributions to the activities of businesses. It is also beneficial as you may well receive more positive feedback from stakeholders and greater client retention.

Personal and professional development ensures your current knowledge and skills are always up to date, which will enable you to provide clients with the best possible service. You can track your development using CPD and PDP logs which will allow you to reflect on your progress and identify any improvements that can be made. Some employers ask to see potential employee’s CPD and PDP logs as it shows that they would be valuable to the business and progress within it.

 Personal and professional development also means that you can keep up with trends and developments within your profession. If relevant rules and regulations change, all members of staff would be expected to be up to date which will then form part of their continuing professional development.

An example of a recent change is the GDPR legislation which has affected a lot of companies. It is important that you are developing and gaining knowledge in this area otherwise there may be legal consequences for the company (https://torrwaterfield.wordpress.com/2017/12/11/are-you-ready-for-gdpr-25-may-2018/).

In order to identify trends within your profession, you could look at ways in which your business has changed, how these changes have affected functions and roles and how the changes can be managed to your best advantage.  Examples of changes include the growing use of social media and the internet, customer feedback and expansion or globalisation.

To find out more about how you can create a personal development plan you can visit: http://www.mindofwinner.com/create-personal-development-plan/ or email amy.fisher@torrwaterfield.co.uk 

Amy Fisher, 0116 2423400