What Is Management Accounting? The 2020 Vision

Management accounting in a nutshell is the process of identifying, analyzing and interpreting everything from business costs to operations, in order to create a strategic plan with goals that will improve company standards. Enclosed is information on your profit and loss accounts, balance sheets and cash flow forecasts. Management accounts can be prepared weekly, monthly or quarterly according to your needs. You as a company, cannot afford to make indispensable decisions without considering the implications and outcomes on your company beforehand. That’s where we come in…

 

We aim to improve the quality of information that is passed on to your managerial team about your business operation metrics. When the information is prepared and presented accurately, you will be capable of seeing downturns and understand our plans for growth properly. It also gives owners more control over their business. As a result of being able to clearly see operating margins, sales volumes and stock levels, business owners will be able to decide on which internal and external resources might be required to bring in.

 

Why use Nordens as your management accountants?

We stand out, because our incredible award-winning team of accounting experts work in real time. Luckily, there is no cut off time limit on management periods. Therefore, instead of waiting till the end of the financial year to start the process, you can trust us to utilize our analytical tools in recording your financial activities as they happen. We will regularly take you through the process to ensure that you fully understand everything. You will then be able to approach your potential investors, auditors and tax authorities with confidence and a strategy at hand. However, you never know when this information will be needed. Therefore, we advise sticking to a weekly preparation of management accounts to see statistics clearly. This is due to the challenge of tracking financial activities over a period of time and potential inconsistent figures.  Instead of making your decisions based on qualitative analysis, you as a business owner are able to use the information gathered within the accounts, as a decision-making tool. Similarly, we will always employ our own understanding of the relationship between management accounts and business growth to provide you with a review of key indicators. These indicators can help you in keeping your business running smoothly.

 

We know that this may be a relatively new concept to you. Click this link to visit our page with answers to all of the frequently asked questions regarding our strategic team – Click HERE 

 

How do our managements accounts service work and what are the benefits?

Well, our trusted and highly qualified ACCA accounting team and knowledgeable strategic team, are on the case for even the most complex of accounts.

  • Supply trend analysis
  • Help to reduce annual audit and accounting costs
  • Budget planning and comparison
  • Improvement of cash flow
  • Dedicated account manager at hand
  • Tax planning and management at cost reduction
  • Identify profit improvement potential
  • Simple and understandable plans that even non-finance professionals can work with
  • Expert ACCA accounting advisors

 

Did you know that management accounting could save you money?

In business, there is the age old saying, “cash is king”. Having a good management accountant can improve a company’s cash flow, deter excess cost expenditures and even help you stick to a budget. We, as management accountants can produce financial forecasts in relation to everything from your consumer demand, to your potential sales with new techniques or even the effects on your business with consumer price changes in the economic marketplace. You can use this information to determine whether you are producing enough goods or services to meet your consumers demands. You can also use it to check whether you are in line or superior to your competition. Using the business strategy of working capital management, we efficiently monitor that you are using your current assets and liabilities to the best effect. Work what you’ve got to maximize those profits!

 

Performance Measurement

Performance measurement is a key part of the strategic and operational analysis process. Once the strategic teams plan has been put in place, we are able to effectively monitor the progress and ensure that everything is performing well and meeting the targets we have set for your company. Decision support can be enhanced at all levels of the organization. We then know where accountability lays, whether it be at an employee level or organizational level and can continue to adjust our framework to aid these particular sections of the business.

 

Have a look at our management accounts page for more information on how Nordens can help Click HERE

If you have any further questions or are interested in booking a free consultation, please give us a call on 02085300720. Alternatively, email us at enquiries@nordens.co.uk

 
Beyond Accountancy

At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.

Nordens Strategic

Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.

Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.

Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.

Accounting 2 You

Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.

Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.

With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.

Voted as EXCELLENT - 9.9 out of 10 based on 174 reviews

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Chris Dyer

Director - Metro Bank

Nordens are always very easy to deal with and extremely professional and efficient. I would have no hesitation in recommending them to my clients for their accountancy needs, no matter how complex they may be.

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Jamie Brown

Co-Founder - Chicmi Limited

Very good to work with - the team go above and beyond to make the accounts easy and efficient. They're all super friendly and a joy to work with.

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Simon Rose

Director - Rose Opticians

I have been using Nordens Chartered Accountants for 5 years and very happy with the service provided. All members of the team are very knowledgeable and have a wealth of experience which has proved very beneficial to my organisation

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Rebecca Bossick

Founder & Director - Physio LDN

Very easy to contact and put me in touch with the right person whenever I need to ask any questions. Extremely knowledgeable and can help me manage my various businesses whenever I need.

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James Aconley

Principal - Pauline Quirke Academy

Great accountants, always available to offer advice. The team have transformed my business.

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Christopher Wilce

Founder - Dataphone

Having worked with Nordens over the last 5 years, not only to look after my annual accounts but they have also provided outstanding professional advice. They have guided me through a Company share buyback with clear and objective advice. We have also been using Nordens strategic services for a couple of years, which has helped bring about significant improvements that exceeded my expectations. With experience of working with several local accountants over my 29 years in business, I’m very pleased with the service I have received from Nordens.

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Dave Hodges

Director - Linekers

Trusted our business with Nordens for over 10 years now and watched the company grow into the successful innovative business it has become today. Deservedly so. Every aspect of financial advice we need is always given promptly and with a smile. We have total confidence in all aspects of advice Nordens give. If you are looking for accountants, its a no brainer!

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Tony Charles

Founder - Foundation Sports Limited

A fantastic, modern, vibrant firm that care about the clients and their staff in abundance. It is rare to find an Accountancy firm with such vibrance and focus and relationships. It is no wonder they win award after award in their field.

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Peter Horlock

Managing Director - Prime Time Boilers

I have been with Nordens for many years now and they are a great accountants.

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Simon Cushing

Founder - Vivid Finishes

We have used Nordens for the last 5 years and have had a great service throughout. The guys are very passionate about what they do and have played a part in the growth of our company, highly recommended.

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Andrew Martin

Managing Director - AMD Interior Architecture

Great Service at Nordens from a friendly very approachable team Particularly Kirsty Willis and Joe Sword who have been helping us since we started the business in 2016.

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James Robinson

Director - Forma London

Nordens provide a first class service. We moved to Nordens last year and have been impressed with the level of service provided. Keep up the good work!

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  Why I Founded Nordens
Accounting 2 You

In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.

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Mark Norden
Founder

We're Professionally Certified

Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). We worry about the bye-laws, regulations and ethical guidelines of the ACCA so you don’t have to! That makes us an ACCA-accredited employer as well as a Professional Passport-accredited one!