Management Accounting Service
Management Accounting focuses on reporting the financial status of a company to internal parties like Directors and Managers for planning and decision-making purposes; unlike Financial Accountant which focuses on reporting financial affair to external parties like investors and lenders, Management Accountants make use of past financial information for in-depth business analysis. They analyze past financial information and create meaningful Management or Managerial Reports explaining what had happened in the past and the possible reasons leading to the consequences. For example, it can be internal (e.g. cost control issue) and/or external influences (e.g. seasonal and economic factor) which lead to the financial results. In addition, Management Reports in the form of Financial Forecast or Projection and Budgeting can provide direction for future action and results. As such, the Management Reports facilitate decision making and future planning. It allows Management to decide what action to take, to maintain or to improve based on the past results, and whether they should invest in an equipment, employ more workers or purchase more raw materials based on seasonal trends, etc.
Management Accounting Service and Financial Accounting Service are 2 broad categories of Accounting Services which are most commonly outsourced by Small and Medium Sized Companies.
Financial Statements Interpretation, Forecasting and Budgeting Aspects of Management Accounting
Management Accounting is all about interpreting past financial information, forecasting and budgeting the resources for the future. Management Accountants show the Company’s current financial position and indicate the realistic forecast, targets or goals that the Company can possibly achieve in the next few years. Through certain financial indicators, the Management Accountants also show the area of strengths and weaknesses of the Company so that the Management can decide how to strengthen their weaknesses, leverage on their strengths and plan for future development based. In order to achieve future goals with limited resources, budgeting is necessary to instill financial discipline to achieve expected results. In short, Management Accountants interprets past financial records, sets goals for the business in the form of Financial Forecast, budgets limited resources to control spending and encourages right activities so as to achieve the desirable financial outcomes.
We embrace technology and encourage our client to adopt accounting software to streamline their financial recording process.
For Companies with an appetite for greater automation and computerization, the Enterprise Resource Planning or ERP Software may be suitable for you.
Complying with ACRA's regulations can distract you from your daily operations. Please allow us to relief you from this distraction by engaging our corporate secretarial service for your Singapore Company.
Sale of Business
Time is ripe for you to cash out your business. Let us value it and obtain a reasonable offer for you. Selling your business is easy when you engage us.