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Management Accounting

If your business is larger in scale, you are probably already aware that relying solely on the statutory financial accounts isn’t enough for efficient daily operations and decision-making. That being said, with the use of bookkeeping software, there is no reason why smaller businesses couldn’t prepare internal monthly or quarterly management accounts.​

The preparation of management accounts accelerates the availability of financial insights, well ahead of year end accounts. This gives your business the ability to make informed decisions, on a more timely basis, with greater confidence.

As with all services provided by MFW, these can be tailored to be flexible to suit the needs of your specific business, addressing key areas of concern or a more general financial analysis.

Our management accounting service begins with a review of your business operations to ensure we fully understand your needs and the level of reporting required. We’ll review your accounting data and systems to ensure all information is accurate and complete and then prepare management accounts at agreed intervals. Additionally, we offer support in choosing and utilising of software packages, please see our cloud accounting software page for more information.

Additionally, for some clients, we serve as their virtual finance team. This involves handling the full scope of their finance functions, including bookkeeping, management accounts, VAT services, payroll, and year end accounts. For more information on what other services we can supply in this regard, please see out external finance department page.

For effective management accounting services, the following should be in place:

  • Regular production of management information (monthly/quarterly) that is sufficient for the size and complexity of the business.
  • Comparison of actual figures to budgeted or prior-period data, with explanations provided for any variances.
  • Timely delivery of management information to allow for the prompt identification and correction of any adverse variations.

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Sectors we work with

We have extensive experience working in a wide range of sectors. So no matter what business you are in, the team at MFW will be able to support your needs.

Academies and Free Schools

We have acted for academy schools since their introduction by the then Labour government and we pride ourselves on the wealth of expertise that we have built up in this area.

Agriculture

We have been helping farmers and other agricultural businesses since 1936 when the Firm was first established.

Charities

Our charities team is headed by a holder of the ICAEW Diploma in Charity Accounting and we are committed to continually developing our expertise in this area.

Family Businesses

We able to advise you on all aspects of your business, helping you to become established and to develop and expand over the years.

Leisure Trusts

The regularity environment for Leisure Trusts is one that requires careful navigation. We have been actively providing advice, support and accountancy related services to Leisure Trusts for more than 20 years.

Manufacturing

The manufacturing industry continues to face many changes, therefore it needs the support of an experienced adviser to ensure they receive the best possible support and advice.

Medical

We have extensive experience of providing medical accounting, taxation and auditing services to a wide range of medical professionals including GPs, consultants, dentists and also residential care homes.

Professional Practices

Our clients in the professions include solicitors, medical consultants, doctors, veterinary surgeons, and chartered surveyors. Therefore we are able to offer a wide range of services and advice to these practices.

Property & Construction

Whether engaged by building companies, developers, material subcontractors or investors our experience in the construction sector provides clients with the confidence.

Retail

Whether it be a traditional retail outlet, or a fully online offering, with our knowledge of this sector we have helped our clients to maintain healthy and profitable businesses.

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