Management Accounts is a key process for any business facilitating executive decision making. Can Management Accounts be outsourced? Yes and No:)
Quality of Management Accounts is heavily dependent on knowledge of business and its current / future plans. This involves interaction with department heads and knowledge of business which needs to be gathered in house. A significant part of management accounts also involves accruals and prepayments based on invoices, contract documents, standard recurring journals, preparation of journal templates and preparation of periodic management accounts template which can be outsourced.
Outsourcing of standard recurring aspects of management accounts and complex analysis, reporting aspects can free up time and resources in the management accounts team to focus on building relationships with stakeholders and providing improved analysis to executives.
Why outsource management accounts?
- Free up time for increase stake holder meetings
- Expand management accounts on need basis for adhoc analysis requirements
- Expand the technical skill sets of your team by getting access to our technically tuned in accountants
- Increase your ability to provide valuable management information to business heads
Services we provide
- Prepare month end journals on agreed basis for accrual, prepayments, recurring journals
- Update key month end schedules, annexures maintained outside system e.g. fixed asset depreciation schedule, rental agreements etc.
- Prepare Month End Templates for reporting and commentary
- Prepare Training Manuals on using month end templates, provide support where necessary
- Conduct initial variance analysis, highlight accounts requiring more detailed inputs from department
- Support Adhoc Analysis, reporting involving complex accountancy, technical skills