Monthly Management Reporting - What the admin team should provide to the partners

Mar 30 / Clarity Street
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Internal management reporting is a critical component for the success of any business. It involves collecting and analysing data to generate insights that can be used to make informed decisions.
For accounting firms, internal management reporting typically includes data on billing, revenue, expenses, and other performance metrics. The admin team should provide the partners with a monthly report that includes this information to keep them informed about the state of the practice.
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The monthly report should include:
  • Billing and revenue data by service area and accountant, compared to the previous month and same month in the prior year
  • Expense data, broken down by category, compared to the previous month and same month in the prior year
  • Accounts receivable and accounts payable data, broken down by client and vendor, compared to the previous month and same month in the prior year
  • Key performance metrics, such as billable hours per accountant, utilisation rate, and realisation rate, compared to the previous month and same month in the prior year
  • Any other relevant information about the state of the practice, such as new clients, upcoming events, or changes in staffing.
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By providing the partners with a comprehensive monthly report that includes financial data, key performance metrics, and other relevant information, the admin team can help the partners make informed decisions about how to manage the practice. This information allows the partners to identify areas of strength and weakness and take action to ensure the accounting firm is on track to achieve its goals.
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Watch a recording of this session below.