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The basic function of a business is to make a profit and even a non profit organization like a charity, will deal with a number of clients and vendors, receiving and making payments. As per law, every organization should maintain books of accounts to keep track of the payments received and payments made, to accurate track whether it is making a profit or loss, so that it can pay the relevant taxes as applicable and follow the mandatory reporting regulations, especially for registered companies and companies whose size exceeds a particular stipulated value in terms of turnover.
Typically most business owners do not have any formal training in accounts, often specializing in the product or service which are sold or offered by their organization. They will usually depend on hired staff for keeping the books of accounts or use a software depending on the size and nature of the business, and the level of automation which is used. While there is little scope for manipulation in the basic books of accounts or accounting records, which are based only on the accounting transactions, proper financial planning can make a business profitable or loss making. Most of the accounting staff has only basic knowledge of finance.
Since the management of most non finance businesses do not have a background or formal training in finance, getting the right Managerial accounting help can greatly improve the prospects of the business, and ensure that it at least breaks even. This is particularly true when business conditions are very adverse, when it is difficult to get new orders, retain existing customers or a business is facing a hostile takeover attempt by large extremely well funded corporates, who are able to block payments and funds to the business by threatening or offering incentives to existing customers.
Experienced Managerial accounting help can enable the business get the most from the limited resources or funds which are available. The assistance may help the business cut the costs it incurs, eliminate unecessary expenses without affecting the operation of the business. Systems for monitoring the revenues, expenses and profits on a daily basis will be implemented, so that corrective action can be taken immediately if there is any deviation from the targets or goals. A forecast of the expected revenue for the month or other accounting period and expenses will be made and systems will ensure that these goals are met.
If the expenses in a particular month are higher than expected, the Managerial accounting help will warn the management about the higher expenses, so that arrangements are made to increase the revenues, to cover the additional expenses by marketing or trying to access more opportunities. Alternatively, if the revenues of the organization are not sufficient, loans or some kind of finance arrangements will have to be made to overcome this deficit. In many cases, the local as well central government will offer a number of tax breaks and incentives, especially for small business, and the Managerial accounting help can help the business avail of these subsidies and incentives.