What is the Value?
Management accounting focuses on detailed reporting relationships to assist you to monitor and manage your operations. Financial reporting is more focused on compliance and taxation, while management accounting is reporting designed to be used by the business owners and managers to drive growth and highlight areas of inefficiencies or performance improvement.
Step 1: Reports are focused on business and team performance.
Step 2: Dashboards and score cards are used to provide daily and weekly feedback.
Step 3: Managerial Reporting can integrate non financial measures such as wastage, quoting variance, customer rating, POS and dispense statistics, even the weather in your business location.
Analysis charts and statistics
- Management focused: Reports link to operational requirements such as customer numbers, transactions and profit per customer to name just a few.
- Show different views: Management accounts can be customized for different levels of detail, depending on the user. For example departments, locations (sites).
- Track Performance to Budgets and Targets: Budgets tend to be not negotiable and will often present a conservative view of projected business performance. While targets are something to aspire to.
- Check Sources of Truth: Management accounts that link to financial accounts confirm if other management reporting systems are working correctly.