Management Accounts are financial reports produced for the business owners and managers, generally monthly or quarterly, normally a Profit & Loss report and a Balance Sheet. In principle they are similar to Year End accounts but are less formal and are personalised to the reader’s requirements.
Management accounts are a set of financial statements prepared either monthly or quarterly, which provide clear insight into the financial trading position of your business. They aren’t required by law, and they don’t have to be filed with HMRC – but they’ll put you more in control of your finances than ever before, supporting the growth of your business.
Management accounts for small businesses typically include a profit and loss account, balance sheet, cash flow statement and a short report. You can put the accounts together yourself, or more realistically, an accountant can do it for you. If you’re using a cloud accounting package like Xero, it’s easy to supply the necessary information to your accountant so they can produce the management accounts on your behalf.
For small business owners, book-keeping and accounting falls under the category of ‘necessary evil’. It’s a job that has to be done (or most likely outsourced) to meet your legal obligations. However not all types of accounting are aimed at meeting your statutory obligations, some are designed to give you better information to help run and grow your business and this can have BIG benefits for SMEs.
Benefits of our Management Accounts Services
To Measure Past Performance As A Basis For Improving
To Avoid Cashflow Problems And Manage Liquidity
To Have Future Visibility
To Determine Where To Focus Attention In Order To Improve Profitability
Need some accounting advice? Call us. We can help.
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