Management Accounts Made Easy by Jeff Smith
Management Accounts Made Easy
By Jeff Smith
"The ultimate guide to understanding the
financial information of the automotive industry"
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Discover How The Top Achievers In The World Structure Their Financial Reports
So You Too Can Boost Your Sales And Profitability
It's an absolute must for every Manager and Accountant in the Automotive Industry and if you think about it... where else are you going to get this invaluable information to supercharge your profits and cash flow? It simply doesn't exist anywhere else, it's the only one of its kind.
This indispensable business bible is written so everyone can understand their financial information, right from the newly promoted Departmental Manager to the seasoned veteran. It removes all confusion, enhances clarity giving you the information you need to improve your knowledge and accelerate your business performance in many different areas.
Beginning from the ground floor and working up, it travels all the way through the Management Accounts of the Motor Industry looking at every single aspect of your business so you get the answers you want, at exactly the time you want them.
"This Book Is The Manual For Company Survival"
Professor Garel Rhys CBE
"In the retail vehicle sector every department from sales through service, parts, repair and bodyshop must be profitable in their own right. This means cost and revenue information must be available otherwise the catastrophe of cross subsidisation will be the result.
The business world is not static but is dynamic in the extreme and no more so than today. In short the successful firm enjoys economies of scale, superb cost structures but which is flexible and responsive to change. The tools needed to do this are the ones highlighted in this compelling and superb book which is at the same time rigorous and easy to comprehend - no mean feat.
If a company is not at one with itself how can it compete? An essential characteristic to achieve this is that accountants and managers must communicate with each other and understand what is being said to the common good. This is teamwork of the highest order, and teamwork which replaces fiefdoms, empires and chimney stacks is the bedrock for a modern successful enterprise.
Jeff Smith's Management Accounts made Easy is therefore far more than that, this book is a manual for company survival".
Professor D Garel Rhys CBE
Director, Centre for Automotive Industry Research - Cardiff University Business School.
Management Accounts Made Easy consists of 3 separate sections
so that you can get the information you want...
Part 1 - The Principles of Management Accounts
This first section is written for you if you're a new or aspiring department Manager who requires an introduction to Management Accounts and you want to know the best method of interpreting them to understand what's going on in your business and how you can improve your profitability quickly.
It explains very clearly the different terminology in use for profit and expenses including the terms: Variable, Semi-Fixed, Direct, Indirect, Overheads, Direct Profit, Net Profit Before Interest and Net Profit leaving you with the feelings of total confidence and satisfaction.
Then, after a few minutes you'll be moving on to discover the best and most productive way how to read and interpret a set of Management Accounts so you're not influenced or subjected to emotional forces clouding your judgement. You'll discover an easy-to-use technique that leaves your mind free and clear ensuring you get the very best out of the resources available to you.
And here's the best part... You'll be deeply immersed in the accelerated learning technique for Management Accounts called "The magic 5-step strategy" making everything so easy and effortless to understand. It puts everything into perspective for you and it's very effective to easily interpret any set of Management Accounts in the automotive industry.
In the past, if you've ever found yourself sitting back in your chair wondering if you have the very best strategy for interpreting your Management Accounts, or thinking to yourself, "am I really getting the maximum out of my accounts and identifying all the areas for improvement?" then, let there be no more doubt in your mind... this book has all the answers ready and waiting.
There's only one thing worse
than working with no information...
and that's working with the wrong information!
Save yourself from the pain and embarrassment
Part 2 - Understanding the Departments
This section is written for you if you are a well established Manager or Accountant who has an excellent understanding of Management Accounts and you're a highly motivated person who wants to squeeze every last ounce of profit out of your organisation in every single way that you can.
Hard work is over rated!
When will people realise there's a right way to do it and there's a wrong way to do it - and the right way works every time! You can be highly motivated, work harder for longer, but if you're heading in the wrong direction you'll be taking your business backwards. Let the book show you where all the holes are needing to be urgently plugged in your company to prevent profit leaking straight out of your doors - Working smarter in the right direction can save you an absolute fortune.
This is the part containing the little-known trade secrets about how to structure your Management Accounts to accelerate your profitability. It bridges the gap between financial awareness and commercial awareness by providing guidance for Accountants to code the Nominal Ledger with clear and objective reasoning to make operational performance highly visible for the Manager so everyone can see what's working and perhaps more importantly, what isn't working!
From that point on it provides clear guidance for Managers to interpret each of the departments including Sales (both new and used), Service, Parts and the Bodyshop. You'll discover how to compare each department on a like-for-like basis with other high achieving companies enabling you to identify strengths and weaknesses which are to be grasped with both hands.
It provides you with all the areas of best practice taken from the top achievers and compares them with the silly, naive and impotent mistakes even the huge companies fail to see which are costing them a fortune everyday!
Do you often see these silly, naive and impotent mistakes stunting the growth of companies and causing profit to leak out of their doors? If you don't, this book will really open your eyes.
Without the right information, anyone can be
an over-motivated under-achiever.
More speed in the wrong direction doesn't help,
Get the right information and be on the right path to achieving your goals
Part 3 - Understanding Business Strategy
Your business won't go bust if it runs out of profit, but it will go bust if it runs out of cash - and there's a big difference between the two! This section is essential reading if you want to succeed and have a long-term future in the automotive industry.
It's written as an introduction to the Balance Sheet and explains Working Capital and how much you require to run your business. It also goes into detail about how to control your Cash Flow and explains how to fund your company correctly so it doesn't go bust in turbulent times.
You can't hope to run a business properly without this information and it's written in layman's language so that it's very easy to read and not full of figures and statistics that you might expect. The whole book is written in plain English for everyone to understand.
Is This Book Suitable For My Business?
YES! It's perfectly suited for the small independent business owner with a single workshop or used vehicle operation, right up to a major franchise with a fully fledged dealer network consisting of major groups and public limited companies; no financial stones are left unturned, it's specifically written for all businesses within the automotive industry.
It's the manual for company survival showing you the easy way to interpret
your business information to enable you to make more profit, more easily and more often.
"Like a lot of under pressure managers, coming across a book with a title 'How to make more profit from your service department' was too good to let pass and purchased it straight away. Whilst reading the book I noted it referenced another title 'The KPI book' and I felt I had to have it if I was to complete the understanding and make the changes in direction I would need to make a 'Profit'.
It soon came to pass though, that although the books were indeed excellent in their quality of information I was still missing something, I was just not being able to make it all flow in my mind and to put into operation, and that's when I decided to purchase the 'Management Accounts Made easy'. I barely got half way through when I realised that I had been trying to 'build a house on sand', it was clear that I thought I knew what I was doing but in truth I lacked the fundamentals in which to build the 1st two books on. I feel that if I had got the 'Accounts' book first and had the basics in place I could have then come to the other books to grow what I had learnt.
All in all I am extremely pleased I have all 3 books, if I was to suggest that the 'Accounts' book could be the 1st one to read I suspect a lot of managers could get results quickly, then polish off with the other two.
Further important notes to me: You do not have to be in the motor trade to make good use from these books, I will be adapting them to my needs, and really important part is that you do not need to be an accountant to understand them!
Many thanks Jeff for helping to improve my understanding of how to improve my results."
Don't just take our word for it,
here's what other people are saying about this remarkable book...
please don't take offence, but given the subject matter, I thought that you had made a huge mistake by writing this book because the subject is dull and boring!!!
However, I did bite the bullet and buy a copy and I have to say you have done a magnificent job! You have managed to write about this subject in a way that is very interesting... dare I say the book is even a page turner, once I started, I couldn't put it down!!!
After 24 hours of receiving this book, I learned a lot about accounts and because of that I've learned a lot about my business too - you make everything so easy to understand. So well done mate, your skill is unique, keep on writing!!!"
I once worked for Trevor Jones and ASE, so I do know how many dealers do not either know this basic information, or how many would not know where to find it, let alone use it, just like most do not use Composite or IFC to their advantage.
Like all your books, this one is straight to the point, it cuts out the gobbledy gook and for anyone who wants instant reference and factual material, this is another book for them, it should be mandatory reading for all dealer management.
Thanks for writing it and keep the books coming"
Grant Long - Managing Director
Norfolk Motor Group
It's the perfect tool to accelerate your career development
and to stimulate the growth of your company
this information is not available anywhere else!
"The price of education is paid just once,
the price of ignorance continues to be paid forever!"
What about the quality?
The book is constructed of the very best materials so it stands the test of time and the pages won't fade to an ugly yellow colour after a few months; you can feel the quality oozing out of this book when you hold it. It also looks good because it's beautifully bound in a special hard back cover with gold foil lettering and it's coated with a protective lacquer to maintain it's prestige appearance for many years to come.
Yes Please! I'd like to improve my profitability so please send me a beautifully-bound, prestige hardback copy of Management Accounts Made Easy so that I can get on with making more profit, more easily and more often.
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