A set of financial statements is, by its nature, an historic document. The longer it takes to get them prepared , the less useful they are as a management tool. The statements should provide the management information needed, in a format that makes sense. Adequate systems and controls should be in place to facilitate the preparation of reliable reports on a timely basis.

How can the financial statements be forward looking? On their own they can’t. They have to be supported with budgets and forecasts, business strategies and plans, and key performance indicators. Management information should allow KPI’s to be monitored and measured against strategies and plans. Any corrective measures identified should be quickly and efficiently implemented.

There are generally no reasons why a business cannot cost effectively obtain regular financial management information suited to its requirements.

A significant part of our practice involves assistance with the implementation of systems and the compilation of monthly financial statements. An in-house developed system provides a basis for teaching client staff to complete tasks often considered the domain of chartered accountants.