Strategic analysis, advice, forecasting, goal setting and planning to enable your business to reach new heights.
What is management accounting?
Management accounting involves the strategic planning, organising and controlling of financial activities. By properly managing a business’ financial resources, management accounting helps the business to achieve its goals and maximise its value.
Key tasks in financial management include: budgeting and forecasting; financial analysis and reporting; cash flow management; investment planning; risk management; strategic decision making.
How can Prevail help with management accounting?
While bookkeeping is about accurately recording and organizing financial transactions and, in this way, provides the raw financial data about your business activities, good financial management uses that data to make informed decisions and develop strategies for long-term financial health and growth.
Prevail has decades of experience working with construction industry businesses. We understand the reporting that needs to be in place for you to fully understand the financial health of your business and make well-informed strategic decisions.
We not only help you get the processes and reporting in place to give you the information you need to inform your strategic decision making, we can also offer advice and strategic guidance based on our many years of experience working with businesses in the construction industry.
What are the common pitfalls for construction industry businesses?
One of the most common pitfalls for small and mid-size construction industry businesses is a failure to keep a close eye on the changing status of projects and performance against the break-even point. Without this information, it is easy to eat into your margin on each job. Or, worse, for jobs to end up on the wrong side of the break even point.
A failure to put in the place the right weekly and monthly financial reports can leave you blind to problems in your business, creating problems with monitoring break-even points on projects, keeping afloat with cashflow and in meeting tax liabilities.
Furthermore, without accurate information about your profits, it is impossible to make the right choices about future investments.
Where does Prevail add value?
Prevail helps you to control cashflow and be proactive in managing the financial health of your business. Clear information delivered in a regular and timely way, ensures that you maximise your profitability on every job.
You are no longer in the position of one job financing the work on another job because you failed to keep an eye on profit. Our management information and management accounting services help you to maximise profitability so your business can grow in a sustainable way.