Why do you need a Management Accountant?

  • Posted on: 22 March 2019
  • By: ali

Many businesses already have an Accountant and often wonder what a Management Accountant is and how working with one can help their business finances stay secure.
Every business no matter how small or how big, will have a financial story to tell but will not know how to ensure that their business is on the right track to keep their business on the right road. 

 So, what can a Management Accountant do for you? 

There are many differences between an Accountant and a Management Accountant, but the biggest difference is how they work. A Management Accountant will sit with you and work through:
 • Profit and Loss Accounts
 • Balance Sheets
 • Budgets and Forecasts. 

 They will tell you about your business to help you make those decisions that may seem scary but that will allow your business to grow in Profit.
A Tax Accountant will tell everyone else about your business rather than talking to you, so they will talk to the banks, the credit agencies and HMRC. 

 Why should I choose a Management Accountant? 

Having monthly discussions with your Management Accountant will allow you to see any issues straight away within your business, allowing you to choose the right route that your business needs to take. 
With the Management Accounts updated regularly you will have the accurate information that you need which allows you to plan for your future, put any money for your VAT and any other tax liabilities meaning that you can avoid those nasty surprises that pop up in business. 

Having the correct data is critical for any company that wants to be successful. Without the correct accounts that you need your business will not grow to the level that you want it or to be able to plan for the future. Management Accountants can help you to plan for any surprises and hiring one will be the best thing you have done for your business in a long time!