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5 ways a Management Accountant can help your business

Why on earth would you want a Management Accountant – after all they're just bean counters right?

Accountancy has changed massively over the last few years and highly successful business people recognise that the professional input from a top quality Management Accountant can transform their firm.

Here we present just five of the most important reasons why you might want to consider using the services of a professionally qualified Management Accountant.

  1. Understanding – knowing what is actually going on and getting the information in an understandable manner and in good time is vital for any business. Too often business owners rely on their statutory accounts, which turn up once a year and far too late to make proactive decisions. Your Management Accountant will be an expert in presenting information so that it focuses decision-making and gives you the knowledge needed to make effective and accurate choices.
  2. Financial Management – having an experienced professional on board means that you'll have someone who can give you methods to both save and make money. From simple things, such as renegotiating your utility contracts to managing your excess funds, you'll benefit from much better management of your cash. Being able to spot issues in advance is a vital weapon in your armoury and your finance professional will be able to produce budgets and forecasts to enable you to effectively plan your business future.
  3. Creativity – most people wouldn't think of accountants as creative people, however, a Management Accountant is trained to find creative and different ways to solve problems. Having another pair of eyes look at something that seems insurmountable is invaluable for any business and an experienced Management Accountant will bring a proven set of tools to help you achieve your goals. From implementing business efficiency to ensuring projects are planned and run correctly you'll have someone on your side.
  4. Profitability control – imagine signing a contract only to find that you are obligated to provide your goods or services at break even or worse at a loss. Management Accountants are trained to be able to fully and accurately cost bids and contracts to ensure that you end up with a profitable and worthwhile agreement. Similarly, for retail companies they can ensure that lines are profitable, for manufacturing companies they can ensure that machines are working effectively and for service companies they can check that you are selling time efficiently.
  5. Control – nobody likes to think that people might defraud their business but hardly a day goes by when the papers don't report on a bookkeeper or other staff member diverting funds to their own use. A good Management Accountant will be able to tell you when something isn't right and their job is to track down what is causing the figures to look odd. Your business will be more secure for having the additional independence of a professional on board.
Hiring a Management Accountant is a sign that a business is serious about its future, giving access to class-leading business intelligence gives your company the edge. Review this article by Scott Brown to understand the advantages of securing external professional expertise at different stages of your business's development. https://www.toptal.com/finance/cfos/cfo