For most SME's the FD or Finance Controller will prepare the monthly Management Accounts.

This is something I have either done myself or ensured that they are prepared as accurately as possible by others for the monthly presentation to the Board.

Through my own financial modelling skills I have a robust P & L, Balance Sheet and Cash Flow model that shows current and historic actual figures in comparison to Budget with the facility to add a revised Forecast should the Budget become redundant.

This is produced by simply linking to an Excel download, commonplace amongst most current finance systems. Currently I have experience of Sage, MYOB, Pegasus,Quickbooks & Peoplesoft.

Budgets and Forecasts can be easily added to this format too, as can a linkage to produce a 3 or 5 year plan.  

The inclusion of KPI's related to the company's particular field of operations should also be considered. 

As long as the Company's systems are reliable then there is nothing to prevent the monthly accounts being easily transformed into the annual statutory version. 

In order for a suitably qualified external individual to carry out this role they should have a Practising Certificate from their professional body. As a member of the Institute of Scottish Chartered Accounts for some 30 years I have such a certificate which also allows tax work to be carried out too.