Management accounts and IT resources for small businesses

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accounts software

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I inherited a two spreadsheet solution which used links from the summary report spreadsheet to one containing the trial balance.  Each month I spent several hours picking through broken and missing links caused by additions to the nominal ledger. I tried to build a solutuion using lookups but it proved just as difficult to see what was going on each month. 

By month end four I had a rudimentary Visual Basic version up and running and suddenly the numbers all dropped into place in the report leaving more time to  analyse what was going on. 
[Management Accounts Wizard Designer]

 

Monthly Management Accounts

The availability of accurate, up to date, readily digestible management accounts is an essential business tool underpinning good executive and senior management decisions.  The Monthly Management Accounts report should be prepared and reviewed in a timely manner (monthly preferably or at least quarterly) and should contain key financial and business indicators.  These should include:

The reason for any significant variances from budget should be explained in the full Monthly Management Accounts Report.  Particular attention shouldbe paid to sales performance versus budgeted target.  Often the first sign of problems in a company is a failure to achieve budgeted sales and hence budgeted revenues.  Cashflow analysis is also a key perfromance indicator - action to ensure positive cashflow in the short term and longer term is essential.

Management Accounts Wizard uses an Excel spreadsheet template which reports the data collated in the accounts Wizard Tool.  It can be formatted to suit your business needs and help you to present KPIs.  You can use the full system or just download the example monthly management accounts spreadsheet template and guidline to help you format and present your own company's financial report.

Management accounts spreadsheet template here