“We have been using GroForth’s services for over a year. We engaged them during a period of change in our organisation. With their support we implemented a new accounting package, reviewed and updated our sales and supplier invoicing processes, implemented new options for easier customer payments and eliminated procedures which were no longer working for us. By engaging with Groforth ultimately, we enhanced our financial management reporting and built additional resilience into our processes. The book-keeping team in GroForth are easy to deal with, knowledgeable and responsive.”
MANAGEMENT ACCOUNTS
01 Worried about financial decisions?
02 Experiencing budgeting or forecasting problems?
03 Want to improve your profit?
Understanding how and when money flows in and out of your business is the key to good financial management. GroForth’s management accounting and reporting service is designed to help you identify and understand your company’s key financial indicators so that you can improve your business performance and increase profitability.
Our management accounting services include:
Our management accounting services include preparation of monthly/quarterly management accounts. This provides you with the information you need to keep your finances on track and make the right decisions for your business.
We also provide cashflow management services. Without access to cash, you will not be able to achieve your business objectives. Our team will monitor, analyse and optimise your cash management processes to maximise the cash you have available to meet your business requirements.
Our management accounting services also include:
- Analysis of financial indicators
- Assistance with budgets and forecasts
- Advice on managing your sales pipeline
- Monitoring conversion rates
- Expenditure monitoring
- Working capital management
- Monthly review meetings
- Benchmarking against similar businesses in your sector
- Management reports to help you improve profitability and performance
- Finance team building
Businesses we work with
GroForth provides management accounting services for businesses across Ireland. Sectors we work with include beauty, healthcare, wellness, retail, hospitality and technology. Our clients range from sole traders to large limited companies. We also can also provide interim management accounting and reporting services for accounting firms who need to increase capacity without hiring additional staff.
What our clients say about us
A pain point for most businesses like ours is bookkeeping, we have used GroForth for many years and they effectively alleviate it. They are responsive and care about the outcome to all queries.
Alan Lyons, Director of KinchLyons Limited
FAQS
-
What is management accounting?
Management accounting is a forward-looking financial process that helps you understand how money flows in and out of your business so that you can make better business decisions.
-
Why is management accounting important?
Management accounting is the basis of good financial management. If you don’t understand your company’s finances, it is difficult to and control control costs, develop your business, source funding and stay competitive.
-
Where does the information in management accounts come from?
Most of the information in your management accounts comes from analysis of information already in your accounting system. It includes information about your company’s available cash, sales revenues, accounts payable and receivable, etc. If you struggle to keep on top of your accounts, GroForth’s bookkeeping service can help you get back on track.
-
How are management reports used?
Management accounting reports are used for business forecasting, cashflow projections and business strategy formulation.
-
How can a management report help to improve profitability?
The information in your management report helps identify problems and provides projections so that you can make better informed business decisions. Examples of information included in the report include analysis of the performance of individual products, activities, departments, locations, suppliers, customers, operations and tasks. The report includes projections based on this information which you can then use to take corrective action where necessary as well as for business planning.
-
What if I don’t have the skills or knowledge to interpret a management report?
Many business owners lack financial expertise and need outside help to understand how to use financial information to improve their business performance.
Outsourcing management accounting to a specialist service provider like GroForth gives you access to a team who understand the numbers and can generate relevant reports to help you make the right decisions for your business.
