Management accounting brings together information about revenue, expenses, stock and cash movements. Collecting it manually across several spreadsheets can take time and make it difficult to keep reports consistent. A dedicated service can provide a more organised way to prepare and review those records.
What management-accounting tools are used for
These tools can help consolidate records from banks and other business systems, reducing repeated entry where suitable connections are available. Their value depends on the quality of the data and the way reports are used; a software subscription alone does not determine the financial results of a business.
A management-accounting process may bring together several types of information, including:
- Revenue
- Profit
- Costs
- Outstanding balances
- Capital
- Cash
- Inventory
Additional information can be entered or imported where necessary. Before relying on the resulting reports, check categories, dates and opening balances so that the figures reflect the period and business activity you intend to analyse.
One cloud service to assess is PlanFact. It focuses on financial management and offers a way to organise information that might otherwise be spread across spreadsheets. Start by defining the reports and data sources your team needs.
Management accounting with PlanFact
When evaluating the service, check its current connections to the systems you use, such as Bitrix24 or amoCRM, along with bank-statement and Excel import options. Test a small set of records and confirm how corrections, duplicates and missing fields are handled.
For teams considering the PlanFact Telegram bot, confirm which entry and reporting functions are currently available. Decide which tasks are suitable for a messenger and which should be completed in the main account.
If supporting files are part of that workflow, check how they are attached to transactions and who can access them. Keep the relationship between a transaction and its evidence clear.
In PlanFact, review the available access levels before inviting colleagues. Different roles may need to enter records, review reports or manage settings; permissions should match those responsibilities.
Preparing the service for your business
- Account registration. Start with the current registration process on the PlanFact website. Confirm account access and identify who will administer the service for your organisation.
- Define the scope. Decide which business activity, reporting period and records will be included first. Document the information you already have and the gaps that need to be resolved before importing it.
- Prepare the records. List the transactions, categories and balances needed for the first set of reports. Use a manageable sample to check the setup before loading a larger volume.
- Review corrections. Establish how staff will correct an entry and how the change will affect reports. Check that the team can trace the reason for an adjustment.
- Assign responsibilities. Identify who enters data, checks transactions and reviews the results. Invite only the people who need access and confirm their permissions in the current account settings.
- Monitor the process. Follow the first reporting period from data collection to review. Investigate missing entries or unexpected totals, and compare the results with the records from which they were produced. Use those checks to refine the routine before the next reporting period.
- Reports. Use PlanFact to assess the reports relevant to your business. Check the selected period, categories and filters, and make sure the people reading a report understand what its figures include.
- Working together. The service can form part of a shared accounting workflow. Agree when records should be updated, who reviews them and how questions or corrections are communicated.
- Notifications. Review any available notifications and choose those that support your team’s routine. Avoid treating an alert as a substitute for checking that the underlying records are complete.
Making the reports useful
A management-accounting service such as PlanFact can help organise financial information and make it easier to review. Begin with reliable records and a small set of reports tied to actual management questions. PlanFact is best evaluated through that practical workflow. For help planning your website and marketing, contact our agency.
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