Management Accounting.

At Ladesmunic we believe that running a business could be exciting. Organisations are formed to achieve some specific goals; to achieve these goals timely decisions had to be taken & in doing this data are needed to support your actions. Some data could be relevant while others are not relevant for decision making purpose. Management accounting is all about the provision of accurate & timely information for managers to work on with a view to taking day-to-day & short term decisions.
What we are able to do to assist you have your company firmly in your grip are:

• Prepare your various budgets and a master budget
• If we are involved in your book keeping activities, then on a continuous basis we shall be bringing to your notice degree of variations (positive or adverse) from your set goals.
• Help you to prepare your monthly, quarterly half yearly management account. This will reveal to you, among other things, if your plans are going on as planned or not
• From this account draw your attention to critical issues that require your attention/actions to keep your business on track or to put your business back on track if it is getting off the track
• Continuously monitor your budget & accordingly advise you.

Generally, we could guide you in formulating your business policies & assist in structuring your business strategies/activities towards achieving your set goals. The key word here is discipline, that is, make efforts to stick to your plans & monitor the activities.

Financial Accounting.

At the end of a period (usually a year) it is normal for any serious organisation to want to know how the organisation performed in the last twelve or so months. Did we make profit or loss or only break-even? If we made profit, how much was it & how did it compare with the previous year? If it was a loss what is the level of loss? These are the kind of questions, among many others that all stakeholders (including external stakeholders: creditors, investors & lenders) in the organisation will be ready to ask. The goal of financial accounting, unlike management accounting which is provision of data/information for short-term decision making, is to answer all these questions. Financial accounting is concerned with the classification, measurement & recording of business transactions. At the end of the period (usually a year: always referred to as accounting period) a profit & loss account & a balance sheet will be prepared to show the performance & position of the business. Its (Financial accounting) focus is to provide a true & fair view of the business activities to outside parties. To a very large extent the value of the business & outsiders’ perception of the organisation will greatly be influenced by the content of this financial report.
We have the capability & experience to

• Assist you to structure your chart of accounts based on our understanding of your business
• Advise you on the types of records you need to have and maintain
• Guide you on how to maintain these books
• Assist you with the preparation of your monthly, mid-year & end of year accounts in accordance with GAAP from your business records.