In House Financial Management

RoadKeeping track of your financial position as your business grows is important, even more important is knowing the financial consequences of management decisions. What will be the consequences on your cashflow and your bottom line if you take on new business?

Management accounting covers the production of monthly accounts, budgets and monitoring how your business is doing. Most SMEs cannot afford to employ a full-time qualified accountant to do such work, so it either does not get done or is sent out to an external accountant.

Although this later course of action is better than not doing it, it is not a satisfactory solution if you want effective management information. Partially this is due to the fact that the accountant you are most likely to use is the one who prepares your end of year accounts. Such accountants are Financial Accountants, who specialise in financial accounts and tax matters. Although any qualified accountant should be able to produce management accounts a specialist management accountant will have far more experience and knowledge in this field. Their experience and knowledge will often result in them asking questions that a Financial Accountant would not even think of, questions that can be of vital importance when it comes to making management decisions.

There is also another problem with using an external accountant to prepare such information, they do not normally have inside knowledge of the business. This is where the solution offered by Coalraven really benefits you. We send our management accountancy staff to work in house for you. This may be for one or two days a month or for a couple of days a week, depending on the level of support that you need. The important thing is they are there, on your premises, working with your staff. As a result they have inside information about the demands and pressures on your business and can prepare management accounts that incorporate that knowledge.

Peace of mind

Hiring a full-time accountant is an expensive investment for many SMEs, even a part-time one working a couple of days a week is beyond their financial capabilities. Coalraven offers you the flexibility to have the services of a qualified in house accountant without the commitment of having to employ one as part of your business. Generally you may only need their services for a few hours a month or even a quarter, but when you have the need for that extra financial information they are there for you with the inside knowledge that comes from working in house with you.

Removing the guess work

If you are planning on investing in equipment or relocation, or even taking on a large order on, you need to know what the consequences will be on your cash flow and profitability. Too many managers of SMEs find themselves relying on guess work or imprecise estimates, when trying to make management decisions. Coalraven will work with you to produce the required forecasts and analysis that will enable you to make the right decisions.

Information is vital to the successful development of any SME, and it is our business to make sure that you have the financial information you need to grow.