What is the legal requirement?
- Trustees, directors and management committees are responsible for fiscal governance and this needs to be based on accurate and up-to-date information.
- It is illegal to trade while insolvent and accurate management accounts are needed to provide assurance that this is not happening.
To this end Slade & Cooper management accounts will normally include:
- Details of income and expenditure (by income stream if necessary)
- Comparison with budget (by income stream if necessary)
- Money owed to creditors
- Money owed by customers/funders
- Cash flow forecast (if required).
Monitoring performance – measuring impact
Although not primarily focused on profit/surplus, charities and social enterprises still need to know that they are making ends meet and are able to address any financial problems based on sound knowledge of the financial position of the organisation. Financial reporting can form a part of impact measurement which is an important consideration when looking for funding. Funders or lenders will generally only support an organisation that can show it is financially sound.
Why use Slade & Cooper management accounts service?
- We can provide a management accounts service tailored to your needs.
- Our staff can be available to you all week during office hours.
- We can provide staff at different levels of expertise to meet your requirements for management accounts.
- We can provide staff to cover long term sickness, maternity cover etc
- When we do your bookkeeping we will become aware of any tax issues (VAT, payroll or corporation tax), and be able to address them at the earliest opportunity
- We will be able to keep your books in such a way as to facilitate end-of-year reporting.
- We are able to calculate accruals and prepayments and depreciation and other accounting adjustments.
- Having management accounts prepared by S&C gives extra assurance that they are independent and accurate.