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Management Accounts

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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.

GAAP Reporting

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

Profit & Loss

For business analysis or tax preparation. Net income minus business expenses.

Cash Flow

An analysis of the cash flowing in and out of your business over a period of time..

Accounts Payable

Measurement of the outstanding debt to suppliers or creditors.

Accounts Receivable

A statement of all money owed for goods or services.

Balance Sheet

An end of period report tabulating assets, liabilities and stockholder equity.

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Why Protea:

Protea’s goal is to provide, at costs below the market average, timely, accurate, and high-quality financial information on which a business can act.

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