Management Accounts - Management Reports

Management account reports include your income statement, cash flow analysis, accounts receivable, accounts payable, overhead costs, sales forecasts, ... (415)418-0020 [email protected] Facebook LinkedIn ManagementAccounts RequestanEvaluation FocusontheBigPicture Informationisthepowertoknow‘howandwhen’torespondtotheever-changinglandscapeinyourbusiness. Hindsightis20/20,butforesightcanbe,too.Anaccurateandtimelyrepresentationofyourmanagementaccountsallowsyoutobeadecisiveandeffectiveleader.Managementreportsencompassallinformationpertinenttoyourbusiness’sfinancialhealth,whichlessenstheneedforguessworkandprovidestoolstomakebetterdecisions. FinancialVersusManagementReports Manyownersandmanagersinthewineandbeverageindustryassumethatfinancialreportingdoublesasmanagementaccountreporting.Thiscouldn’tbefurtherfromthetruth. FinancialreportingoperatesunderGAAPguidelinesandallowsyourcompanytoremaincompliantwithpolicyboards.Incontrast,managementreportinganalyzesdepartmentperformanceaswellasitsrelationshiptoexpendituresandreturnsoninvestment(ROI).Youcanthinkofthemanagementreportasdiagnosticsonthehealthofthebusiness. GAAPReporting Generallyacceptedaccountingprinciples(GAAP)refertoacommonsetofacceptedaccountingprinciples,standards,andproceduresthatcompaniesandtheiraccountantsmustfollowwhentheycompiletheirfinancialstatements.GAAPisacombinationofauthoritativestandards(setbypolicyboards)andthecommonlyacceptedwaysofrecordingandreportingaccountinginformation.GAAPimprovestheclarityofthecommunicationoffinancialinformation.Investopedia Managementaccountreportsincludeyourincomestatement,cashflowanalysis,accountsreceivable,accountspayable,overheadcosts,salesforecasts,valueofinventoryonhandandanalysisofkeyindicatorsandhistoricalandbudgetedinformation.Thisreportingallowsmanagementtomakeeducateddecisionsbasedontheneedsofthebusiness.Let’sdiscusshoweachofthesereportscanhelpyoumakesmarterdecisionsforyourcompany. Profit&Loss Forbusinessanalysisortaxpreparation.Netincomeminusbusinessexpenses. Profitandlossreportsareakeypartofyourbusinessanalysisprocess.Aprofitandlossreportdisplaysthenetincomeofyourcompanyoverthepreviousmonthorreportingperiod.Thisincludesallwineandbeveragesales,aswellasanyreturnsonyourinvestments. Thatnetincomeisthencontrastedwithasummaryofyourbusinessexpenses.Thiscomparisonisusedbyaccountantstodetermineyourbusiness’sprofit.Doingsoresultsinaclearsnapshotofthehealthofyourcompany,whichcanbereferencedwitheaseforfuturefinancialdecisions. CashFlow Ananalysisofthecashflowinginandoutofyourbusinessoveraperiodoftime.. Acashflowanalysisallowsyoutokeeptrackofthemoneyflowinginandoutofyourbusinessoveraselectperiodoftime.Anaccountantcompilesallincomeandexpendituresfortheweek,month,orquarter.Operatingcosts,incomehistory,investmenthistory,andfinancingactivitiesareincluded. Acashflowreportmakesitsimpleforwineriesandbeveragecompaniestodeterminewheretheirbusinessmakesmoneyandhowwhereitisutilizingit.Ifthereareanyissueskeepingthebooksbalanced,analyzingyourcashflowwillhelpidentifythoseissuesearly. AccountsPayable Measurementoftheoutstandingdebttosuppliersorcreditors. Anaccountspayablereportisameasurementofyourcompany’soutstandingoperatingdebt.Theseareshort-termdebtsthatyouowetoeithersuppliersorcreditors.Thisreportallowsyoutokeeptrackofwhereyouneedtodirectfundsfirstandplanyourfuturepayments. Youcanalsouseanaccountspayablereporttoanalyzeyourbudget.Anaccountantcanbreakcostsdownbydepartment,allowingyoutolocateyourgreatestexpenditures.Youcanthenreferencethisinformationifyouseektolowerthecostofdoingbusiness. AccountsReceivable Astatementofallmoneyowedforgoodsorservices. Wineriesandbusinessesinthebeverageindustryenjoyworkingwithrepeatclients,someofwhomholdlargeaccounts.Accountsreceivablereportsarecrucialtokeepingtrackofallmoneyowedbyyourcustomers. Eachcustomerwillhaveanindividualaccountsreceivablereport.Thisdisplaysallunpaidinvoicebalances.Itallowsyoutokeepbettertrackofyourprojectedincomeforeachmonth.Youcanalsouseittodeterminehowlongthebalancehasbeenoutstandingandwhetheryouneedtogetintouchwithalate-payingclient. BalanceSheet Anendofperiodreporttabulatingassets,liabilitiesandstockholderequity. Balancesheetsarenecessaryformanagingyourbusinessaccounts.Thisisanend-of-periodreportthattabulatesyourcompany’sassets,liabilities,andstockholderequity.Atitsessence,itprovidesasnapshotoftheinformationcollectedinallthereporttypesdiscussedabove. Abalancesheetisyourbesttooltounderstandthefinancialhealthofyourbusiness.Youcaneasilycomparewhatyouoweandwhatyouown.Fromthere,you’llbeabletomakefinanciallysavvydecisionstoguidethecompanytowardfuturesuccess. WhytoConsiderOutsourcingManagementReports Asyoucansee,therearemanytypesofreportsandanalysesyouneedtoconductinordertograspthefinancialstandingofyourbusiness.Ideally,you’llreviewthesereportsmonthlyor–attheveryleast–quarterly.However,compilingthesereports,checkingthemforerrors,andreviewingtheinformationcancausequiteastrainonyourcompany’sresources. Managersandownersmaystruggletofindthetimeneededtodevelopthesemanagementreports.Inaddition,footingthepayrollbillcanbecomequiteexpensive.Youmaybeforcedtoredirectstafftemporarilytocompilemanagementreports,whichcanimpactotherdepartmentsofyourbusiness. OurTeamisHeretoHelp Insteadofstruggling,youcanchoosetohireourexpertaccountants.OurteamatProteaFinancialiswell-versedinthecollectingdataandcompilingvarioustypesofmanagementreports.Thoughwearecapableofhelpinganybusinesssucceed,wespecializeinthewineandbeverageindustry. Wehavetheknowledge,time,andresourcestoworkefficiently.Youcantrustustodevelopareportingsystemthatworksforyourcompanyandprovideyouwithaccurate,informativereports.Youcanfocusyourattentiononmaintainingthefinancialhealthofyourbusiness,andwe’lltakecareoftherest. RequestAnEvaluation Ifyouarereadyforrealchangeinhowyouuseyourmostvaluableassets-time&money,fillouttheformandanaccountmanagerwillreachouttoyourightaway. ContactProteaFinancial Name EmailAddress Message SendMessage ProteaConversations:SajaRaoof bySajaRaoof|Aug25,2022|Business,ProteaConversationsProteaFinancialwasfoundedin2014toprovidehigh-qualityoutsourcedaccountingatanaffordableprice. GivenProtea’sflexiblework... HowaSmallBusinessNearlyMissedouton$100,000RefundandHowitMayApplytoYou byWylieWarner|Aug18,2022|Bookkeeping,Business,FinancialServicesIwasrecentlyremindedofhowcomplexgovernmentprogramscanbeandhowtheycanevolve. Eventopeoplewhodealwithtaxlawsandgovernment... WhatGoesIntotheCostofaBottleofWine byZaneStevens|Aug11,2022|Accounting,Bookkeeping,Business,FinancialServices,OutsourcedAccounting,WineIndustryYoumaynothavethoughtaboutthis,butitisacommonquestionamongwineryandvineyardowners,nottomentionwineaficionados.Customersalways... CostingMethodsforWine byZaneStevens|Aug4,2022|Accounting,Bookkeeping,Business,FinancialServices,OutsourcedAccounting,WineIndustryAsawineryowner,youareprobablyfarmoreconcernedwithwineproductionthanwinepricing.That’sunderstandablebecauseifthewineisn'tgood,... DifficultiesofCashManagementforWineries byZaneStevens|Jul28,2022|Accounting,Bookkeeping,Business,FinancialServices,OutsourcedAccountingSmallbusinessesoftenhavecashmanagementissues.Infact,over60%ofsmallbusinessownershavecashflowproblemsfromtimetotime.Over40%... ProteaConversations:KarenAlary byKarenAlary|Jul21,2022|Business,ProteaConversationsProteaFinancialwasfoundedin2014toprovidehigh-qualityoutsourcedaccountingatanaffordableprice. GivenProtea’sflexiblework... «OlderEntries NOVATO:7250REDWOODBLVD,SUITE300,NOVATO,CA94945 e:[email protected]:(415)418-0020 SERVICES Bookkeeping InventoryManagement ManagementAccounts TaxSchedules Payroll Compliance WhyProtea: Protea’sgoalistoprovide,atcostsbelowthemarketaverage,timely,accurate,andhigh-qualityfinancialinformationonwhichabusinesscanact. FollowFollow COMPANY AboutUs OurTeam Blog   Facebook LinkedIn SubscribeToProteaFinancial'sBlogForAccountingTips&IdeasJoinourmailinglisttoreceivethemostuptodateinformationfromourteam.We'llshareideasonhowtostreamlineyouraccountingpracticestosavemoremoneyandtime.  SUBSCRIBE! YouhaveSuccessfullySubscribed!