News: Conducting management accounting with Law&Trust Int.

Conducting management accounting

Management accounting (or managerial accounting) is the process of preparing management reports and accounts that provide accurate and timely financial and statistical information required by managers to make day-to-day and short-term decisions.

Management accounting allows to compile monthly or weekly reports for an organization's internal departments and bodies such as department managers and the chief executive officer.

These reports indicate the amount of available cash, sales revenue generated, amount of orders, state of accounts payable and accounts receivable, outstanding debts, raw material and inventory, and may also include trend charts, variance analysis, and other statistical data.

Financial and economic activities of the enterprise are influenced by a large number of events. In order to take into account all the nuances, timely prevent unnecessary costs and other troubles inside the organization, it is necessary to apply management accounting services.

The specialists of Law&Trust International have their own methodologies, which allow to effectively control all financial processes at the enterprise and production, so the quality of organization of work increases.

Data on management accounting services are reported only to the company's manager. Information is commercial secret, not transmitted to tax, law enforcement or other types of state authorities. Experts of our company comply with the privacy policy and transfer data only to the manager of the contracting authority.

Management accounting services

Accounting for financial resources is an important branch in any legal form of the organization. The foregoing can be carried out by the analytical department of the company, however, in order to elaborate convenient methodology and control its implementation, it is necessary to apply to the specialists. The technology of accounting should comply with a number of state regulations.

The main requirements to the accounting are the following:

1. Correctness of all data specified in the forms.
2. Promptness of collection of the information from each financial department in the enterprise.
3. Promptness of submission of the reporting to the management system of the organization.

Specialists of our company provide services for managerial accounting. In addition, it is possible to order preliminary audit for detailed analysis of the financial condition of the enterprise. Experts verify correctness of preparation of the documentation, collection and transfer of tax data.

The most prevalent problems are the following:

1. Deficiency of data on financial problems in the enterprise. Lack of information often leads to delays in wages, emergence of shortages and other problems.

2. Lack of control over the company's financial channels, as well as its material liabilities to counterparties and partners.

3. All possible problems with funds and currency transactions with the company's clients.

4. Obtaining unreliable data on debit and credit of each individual branch of the company.

5. Lack of control over the solvency of the firm and its financial costs.

6. Untimely response to market fluctuations during periods of sharp changes in the exchange rate of the ruble and currencies or during the economic crisis.

Methodology of accounting can be effective at the enterprise engaged in any area of activity.

Management accounting services: documents, prices

Specialists of Law&Trust International offer to accomplish the task with minimum package of documentation, as well as favorable prices for the client. In order to start cooperation it is sufficient to produce the following documents:

1. Personal data concerning the manager of the enterprise or his authorized representative.
2. Package of statutory documents, including an extract from the minutes or constituent meeting.
3. Package of tax documentation for verification.
4. Package of accounting and other financial documentation for examination by experts.

The cost of services is determined during individual conversation with the client. The initial consultation is free of charge.