Focus on the Big Picture
Information is the power to know ‘how and when’ to respond to the ever-changing landscape in your business.
Foresight can be 20/20 also – an accurate and timely representation of your management accounts will allow you to be a decisive leader – lessening the guesswork and margin for error. Many assume that financial reporting doubles as management account reporting – which couldn’t be further from the truth. Financial reporting operates under strict GAAP guidelines and allows your company to remain compliant. Management reporting analyzes department performance and relationship to expenditures and ROI as a whole. Think of the report as diagnostics on the health of the business.
Typically, you’ll review these reports weekly or at the very least monthly. Management accounts include your income statement, cash flow analysis, accounts receivable, accounts payable, overhead costs, sales forecasts, and value of inventory on hand. This reporting allows management to make decisions based on the needs of the business.
Generally accepted accounting principles (GAAP) refer to a common set of accepted accounting principles, standards, and procedures that companies and their accountants must follow when they compile their financial statements. GAAP is a combination of authoritative standards (set by policy boards) and the commonly accepted ways of recording and reporting accounting information. GAAP improves the clarity of the communication of financial information. Investopedia
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