Management accounts and group reporting
A monthly pack in the parent's format and currency, on the group's timetable, with intercompany balances agreed and the schedules the group's auditors will ask for.
A monthly pack in the group's format, on the group's close calendar
Group finance needs the UK numbers on a fixed day, in the group's format and currency, with intercompany agreed so consolidation throws up no differences. It is a separate exercise from the statutory accounts and runs on a different calendar.
What you get
- Monthly pack in the group's template
- Reported in the parent's currency
- Budget and forecast against actual
- Intercompany balances agreed monthly
- Group audit schedules prepared
- A call with the group finance team each month
What we do
A monthly pack in the group's template
Profit and loss, balance sheet and cash, for the month and year to date, in the parent's currency at the rates you specify.
Budget and forecast against actual
With the variances explained in writing rather than left for someone to work out.
Intercompany reconciled
Agreed to the parent's ledger and signed off both sides, every month.
The measures the group tracks
Revenue by customer, gross margin, headcount, days sales outstanding, built into the pack rather than answered by email afterwards.
Closed to the group's calendar
Working day five is standard and working day three is achievable where the bookkeeping is current and your intercompany postings arrive on time.
Group audit support
The component reporting package the parent's auditors specify, prepared and their queries answered.
The group finance team needs the UK subsidiary's numbers on a fixed day each month, in the group's chart of accounts, in the group's currency, with the intercompany balances agreed so consolidation does not throw up differences. It is a different job from the statutory accounts, and the one that determines whether the group gets its numbers on time.
The monthly pack
- Profit and loss, balance sheet and cash for the month and the year to date, in the parent's template and currency.
- Actual against budget and against forecast, with the variances explained in writing.
- Intercompany balances reconciled to the parent's ledger and signed off both sides.
- Payroll cost by person, headcount, VAT and corporation tax provisions, and the cash needed from the parent for the next quarter.
- The measures the group tracks, whether that is revenue by customer, gross margin by product or days sales outstanding, built into the pack rather than answered by email later.
Timetable
We work to the group's close calendar. A working-day-five close is typical; a working-day-three close is achievable where the bookkeeping is kept current and the parent's own intercompany postings arrive on time. The pack goes to the group by the agreed day with a short covering note, and we hold a call with the group finance team each month to go through it.
Budgets and forecasts
An annual budget and a rolling cashflow forecast for the UK company, are built with the UK manager and the group and quoted as one piece of work. They become the comparison in every monthly pack and the basis for the cash the parent sends down.
Supporting the group audit
When the parent is audited, its auditors ask the UK component for schedules, confirmations and explanations on a deadline. We prepare the reporting package the group auditors specify, answer their queries and, where the UK company has its own statutory audit, align the two so the work is done once.
What we need from you
- The group reporting template, chart of accounts mapping and close calendar
- The budget, or the inputs to build one
- A named contact in group finance for the intercompany agreement each month
- The group auditors' component instructions, when they arrive
Common questions
Can you report in dollars or euros?
Yes. The books are kept in sterling and the pack is translated at the rates the group specifies, with the translation difference shown separately.
Do you use our group's reporting system?
Where the group runs a consolidation tool and wants the UK numbers entered directly, we enter them. Otherwise the pack is delivered in the group's spreadsheet template.
How quickly after month end?
Working day five is standard. Faster is possible when the parent's intercompany entries arrive early enough to agree the balances.
Is this instead of the annual accounts?
No. The statutory accounts are prepared once a year from the same books and are part of the ongoing compliance service. Management reporting is the monthly layer on top.
Related services
Bookkeeping and annual accounts
QuotedUK bookkeeping and statutory accounts
Xero set up in the parent's currency and account codes, bank feeds, monthly close, and year-end accounts under FRS 102, FRS 101 or IFRS filed at Companies House and with the tax return.
Expense management for a UK operation
QuotedA UK expense policy, the system behind it and the VAT it recovers
A UK expenses policy that matches HMRC's rules, an app your people will use, approvals that route to the right person, and the VAT recovered on everything eligible.
Credit control and collections
QuotedGetting UK invoices paid: purchase order to escalation
Invoices raised on time, a chase sequence that starts before the due date, someone making the call in UK hours, and a weekly report so the parent can see the position rather than ask.
Get a fixed quote
Tell us where the parent company is and what the UK operation has to do.
