The End of Month (EOM) reporting process can take up a lot of resources including time and still not provide you with all the information you want or need.
Good EOM reporting is turned around quickly at the end of the period and provides you with a deep insight of how the month performed compared to the past and to your expectations. These insights should give you the confidence to make decisions about growing a particular product or service or focusing more on a particular client or client group.
Most accounting systems like Xero, QBO and MYOB have their own limitations and the finance team will transfer the detailed information to excel so the data can be turned into something that tells a better story. This can be via visuals such as column and line graphs, pie charts and tables.
Ideally our aim is for the finance team to use the excel spreadsheets we create as an EOM process review tool as well as final product for the managers, owners and board of directors.
Product/Service/ Customer Profitability Analysis
We have found that an overall profitability of a business may be hiding an under performance of a particular product, service, project or customer.
Mangrove Management Accounting aims to look beneath the surface of the businesses total income or net profit and find out which products/services/projects/customers are high performers and which are underperformers.
By understanding if a certain income stream is dragging the overall profitability down, you can make a confident decision about increasing pricing, making cost savings or dropping the income stream all together.
You current accounting software is full of information from the transactions that happen on a daily basis. This is extremely useful information and modern accounting software does a great job in pulling together standard reports for this. However, when you pull up a report like a monthly profit and loss over 12 months, it can be hard to see the key information that sits within these numbers.
Our aim is to turn these multiple page reports and tables of data into something that is easier to digest which you can start seeing trends in.
We love pulling together different reports from different systems and creating graphs and tables that emphasise the performance and the key drivers of the business.
Let us look at your current reporting and see if we can improve the process or reporting that comes through to you.
Budgeting and Cashflow
Budgeting for your is essential to make decisions, to set targets and for third parties such as banks if you’re looking for additional financing.
Budgeting becomes difficult when you are pulling together multiple projects, products, services and projects over a 12 month period.
We aim to create reporting for you that highlights the assumptions being made and allows for adjustment during the budget setting process and throughout the year as things change.
Cash is the oxygen for every business. Cashflow Forecasting is an extremely important but often neglected form of reporting.
Forecasting your cashflow allows you to understand cashflow trends throughout the year. You might have a customer/s that is/are dragging its feet on payment and you should understand what effect this has on you.
Mangrove Management Accounting will will work with you and your team to create a cashflow in excel that you can adjust throughout the year as growth and payment terms change.
Creating reporting can take a good solid block of time which not many teams have.
We can work with your current processes to see if there are any improvements that can be made to turn your reporting around quicker.
Accounting Projects – 1 Week or 1 Month
You may need an extra set of hands for a short period of time to get your management accounting project caught up and back on track. It isn’t worth putting a job ad on Seek and look through a heap of resumes.
Lean on Mangrove Management Accounting and our experience to get your small project to where it needs to be.
We are quick learners and have worked in a number of accounting systems, so we can hit the ground running.
We will get an idea of what your key priorities are and getting working on them.
We can talk to you about whether it is more beneficial to work in your office or from ours.