Do your management accounts take weeks, days, hours, minutes…or seconds to prepare?

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Using only Microsoft Excel and pretty much any accounting package on the market, I have rarely found a company that could not be set up to complete their management accounts preparation (from trial balance) in seconds. However, almost every company I come across is taking hours, if not days or weeks - every month - to do this job. In addition, when the process is automated, very often they discover errors in the accounts prepared under their previous laborious method. Below I will give some simple tips to achieve this in your business. The rewards are huge, as the focus switches from grinding out the numbers to understanding and interpreting them, thereby adding real value to the business.

Key to achieving this is understanding that once you can produce a trial balance from your accounting...

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18th Sep 2008 11:02

Templates vs Bespoke solutions
David Toohey makes a good point about templates and these can have a very important role to play, saving accoutants a great deal of time and effort.

Often templates are not used though, where the user does not know how to populate the template automatically, or because they feel that their reporting requirement does not fit a standard template.

In my article (and my workshop) I have tried to address these issues by providing an approach to populating any template, or existing (manually completed) Excel report, from any raw data.

Glen John Feechan BA Hon. ACA
Not Just Numbers Ezine
Workshop - Advanced Management Reporting in Microsoft Excel

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By David2e
18th Sep 2008 07:58

Use time more efficiently, and more profitably!
Glen touches on very good points, of which are the main core concept of our own business.

Excel Templates can without-a-doubt be developed to an extent where it can take seconds to produce reports, depending on the information to display.

Our Financial Management Reporting System is an excellent example of this, developed through use in practice to provide flexible reports that are easy to setup for almost any client using any software.

Why are accountants spending valuable time constantly messing with formula, trying to balance figures in Excel, when as Glen says the process can be automated just as we have done?

Our members save time by letting us do this work, so they can crack on providing better services to more clients.

David Toohey
The Accountants Circle

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15th Sep 2008 13:54

Accounting Spreadsheets Automate Trial Balance
While it may be valuable for medium and larger companies to use excel spreadsheets to produce a trial balance self employed and smaller limited companies have a unique advantage these days.

The DIY Accounting software packages for small limited companies are written on excel accounting spreadsheets which automatically produce a trial balance enabling it to be available in real time. The trial balance produced also has a audit check row to identify the posting source of any misbalances.

www.diyaccounting.co.uk

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12th Sep 2008 18:38

CIS
I'm writing regarding a small general builder for whom I submitted a tax return in 2006/07.Fom time to time the builder used the services of plumbers and electricians etc.The Inland Revenue have picked up on this and are demanding huge penalties(£3000) for my client's failure to submit a CIS36 Return.
Is there any remedy against this act ion being taken by them?
Mr Beard

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