The Book-keepers Forum (BKF)

Post Info TOPIC: Management accounts


Guru

Status: Offline
Posts: 501
Date:
Management accounts
Permalink Closed


Does anybody provide management accounts services to clients?

If yes, what are the pros and cons? and is this a service clients are happy to pay for?



__________________

Thanks, Nadia.



Guru

Status: Offline
Posts: 501
Date:
Permalink Closed

or is it best to avoid this area?



__________________

Thanks, Nadia.



Forum Moderator & Expert

Status: Offline
Posts: 11981
Date:
Permalink Closed

I tend supply them as a free value added service unless it's something that a client asks for and then it's a paid for service.

What clients ask for tends to be more along the lines of agreed upon proceedures or assurance engagements where you are extrapolating their data into a projection as to where their business is heading rather than simply a bit of ratio and variance analysis of the historic data.

The time to avoid any area is where your PII doesn't cover you for it and sometimes management accounts wanders beyond peoples comfort zones. I'm quite lucky in that one as it's very much tied to my history in banking so after thirty odd years can pretty much do it by reflex.

Always ensure that you include a paragraph to limit the audience to any report that you produce.

See the case of Bannerman Johnstone Maclay vs RBS (2002) for what can go wrong if you don't have a limiting paragraph in place.

The wording that you should include would be along the lines of (there are different versions of this dependant upon your professional bodies recommended wording) :

CONFIDENTIAL
This report (statement) has been prepared for the private use
of X (the client) only, and on condition that it must not be
disclosed to any other person without the written consent of Y
(the accountant).

kind regards,

Shaun.

__________________

Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.

Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.

Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About