Updating Management Accounting

overview

Ecological consultancy based in Bath

Issues
  • Inaccurate and inconsistent management accounts, slow response from existing accountant and no strategic guidance/advice
Actions Taken
  • New bookkeeper installed to reconcile balance sheet accounts on monthly basis
  • External accountant removed and replaced with alternative reliable practice
  • Revised chart of accounts in Sage to ensure company & divisional profitability easy to monitor
  • Transferred from Sage to Xero
  • Set up budgets and profit forecasts that linked into balance sheet and cashflow forecasts
  • Made directors aware of ongoing cashflow situation with weekly reconciliations and forecasts
Results
  • Increased accuracy
  • Increased awareness of cash situation
  • Quick turn around of year end accounts
  • Reduced price for external accountants and provision of year end file with relevant information
  • Working with directors to explore new job costing system to give better understanding of clinet and job profitability

Contact Us

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Gloucester
27 Little Normans, Longlevens, Gloucester GL2 0EH
01452 537599 / 07771 874022

Cheltenham
105-107 Bath Road, Cheltenham, Gloucestershire, GL53 7LE
01242 633100 / 07771 874022

info@spenceraccounting.co.uk

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