Whilst Management accounts are not obligatory and are only used internally within a business; without them you may be making important business decisions without knowing all the facts. They can be produced monthly or quarterly, depending on your individual needs. They help you keep a track of how your business is performing throughout the year, if you are meeting targets, help identify any weaknesses and plan for the future.
If you do not have the resource to produce regular management accounts in-house, we can help you. Businesses have different needs depending on the size etc, but a set of management accounts can include any or all of the following:
- Profit & loss accounts and Balance sheet.
- Actual performance measured against budget.
- Cash-flow projections, and future profit projections.
- Other information such as debtor turnaround times and staff absence levels.
- Tailored reports by reference to your needs, which enable you to monitor spending and financial controls.
- Identifying and reporting against key performance indicators.
- Explanation of the financial consequences of business decisions.
Management accounts should be produced in the format that the owners of the business find easiest to work with. For some this will be a set of standard accounts, others prefer management accounts to be more “visual”, and to contain a number of graphs with a couple of lines of explanatory text attached. Either way, their importance cannot be under-estimated in the successful management of the business.
Management accounts will hopefully provide peace of mind that the business is moving along nicely, but if not they can be a timely pointer of the issues which require addressing.
£20-£25 per hour depending on complexity and content required
Why Pay more than you need!
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