The Role of a Management Accountant
Distractions are a day-to-day occurrence for any business owner. To ensure a business runs smoothly it’s not just about meeting the needs of your clients, you also have to make sure that your staff are OK, your marketing is working and perhaps most importantly that you have the correct accountancy infrastructure in place. Does a business owner really want to commit a large proportion of their time to ensuring that they stay on top of their accountancy needs?
This is where a Management Accountant can really help, saving a business owner both time and money. Aside from taking care of the monthly needs such as payroll and VAT returns, a Management Accountant can really embed themselves into an organisation and become a valuable resource to any business owner. They can assist with:
- Helping to improve cashflow by exploring payment terms to both customers and suppliers, ensuring that they all are aligned correctly
- Exploring all overheads to identify if savings can be made and to flag up any unusual or excessive spending
- Business planning, reporting on interesting trends that could encourage a new focus or the ability to diversify
These are just a couple of examples; the role of a Management Accountant is diverse but ultimately it is to assist with the strategy and direction of a business. Of course, with no two businesses the same, a Management Accountant has to be able to adapt to each and every individual customer. A small business with 3 employees and turnover of £200,000 will clearly need different support to a medium sized business with 100 employees and a turnover of £5 million.
A good Management Accountant will not try to steer their clients into a “one size fits all mentality”, instead they will embed themselves into an organisation and adapt their own processes to suit the requirements of that of the individual client.
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