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Management Accounts

  • 08-12-2010 10:04am
    #1
    Saint Sonner
    Registered Users, Registered Users 2 Posts: 1,000 ✭✭✭


    I have recently started a job with a company who have been growing rapidly. The company until this point really only had a couple of people maintaining sage as bookkeepers but now I have been employed to prepare management accounts etc. As I have came from a practice background I am learning as I go, as is the company. I was wondering if anyone could tell me by what date of each month would it be reasonable to expect the management accounts to be ready? Also any other tips or advice would be appreciated!
    Thanks


Comments

  • #2
    Cookie_Monster
    Registered Users, Registered Users 2 Posts: 24,537 ✭✭✭✭Cookie_Monster


    5 working days after month end is what I would expect be done if not sooner, the last place I worked were pushing towards 3.5 days

    Working off 13 5/4/4 week periods rather than 12 months is much more effective as the period measure and days remain the same. Ie first period is 5 weeks, second is 4, third is 4, forth is 5 again and so on. 5 week ones easily converted to make comparable. Months are not comparable due to different number of days, different amounts of weekends etc.


  • #3
    oxysept
    Registered Users, Registered Users 2 Posts: 50 ✭✭oxysept


    It really depends on the nature & needs of the business. Management accounts are freeform..... they have to be to be relevant to the situation.
    I would agree <5 days would be a good rule of thumb, but you may also need to be providing daily or realtime information as well, I've been a management accountant in several companies & industries for nearly 20 years all very different thus all had very different MGMT accounts; but one basic thread .... relevant timely accurate and complete...... keep that in mind as you set it up.... good luck


  • #4
    mr_edge_to_you
    Registered Users, Registered Users 2 Posts: 3,189 ✭✭✭mr_edge_to_you


    I'm an Assistant Accountant in industry. It really depends on the company. I've for PLCs who have fantastic well developed systems and accounts would need to be submitted to HQ by the 2nd Monday of the new month/period. I have worked a in a large private/family owned organisation and monthly management accounts had to be submitted on the 18th of each month. Where I am currently we aim for 4 or 5 days sometimes we'll get it done in 3 sometimes 6. The time constraints aren't as tight because it is a much smaller company.


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