The Management Accountants job is to provide management with relevant and reliable financial information that can be used to manage and run the business. Generally referred to the Management Accounts or Financial Statements. This pulls together all transactional transactions from the previous periods. Using accounting principles, adjustments will be made through prepayments and accruals for example, to show a true and fair reflection of the performance of a business.
A Management Accountant will produce a profit and loss statement, cash flow statement and balance sheet statement. The profit and loss will show management how the business has performed over the last period, year to date, and compared to previous periods and forecasts.
The Management Accountant will also provide commentary to run a long side the management accounts to provide additional information and analysis to support the management accounts.
As part of a management accountants month end routine, they will reconcile all the balance sheet accounts, these should be reconciled against external/3rd party information such as a bank statement. This is key to understanding what the balance sheet is telling the business and understanding all liabilities and assets. Balance sheet reconciliations are a form of control.
A management accountant will be qualified, through an organisation such as CIMA (Chartered Institute of Management Accountants). They will have strong knowledge of accounting rules, and be able to produce informative management accounts. The Management Accountant will look at fixed assets and depreciation, prepayments, and accruals. This are important to making sure the accounts accurate.
The Management Accountant will have a deep understanding of the business, and all the numbers, they will be able to provide meaningful insight into what the numbers mean, and how they can help a business. A Management Accountant can provide additional analysis as requested by the management team, which will help them make informed decisions.
If you need a Management Accountant, on a part-time or interim basis contact GMS Accountants to discuss your requirements. Email Graham.email@example.com or 07739828423.
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