Management Accounts

 

What are they?

Management accounts are prepared with the aim of helping managers make important business decisions, whilst having the benefit of full financial information. 

Many small businesses rely solely on the end of year accounts to understand their financial situation and as a result probably miss a number of opportunities or make bad decisions, simply because they did not have access to accurate and timely financial information.  Management accounts can be produced monthly, quarterly, half-yearly or within any other period that is relevant to you.

Some of the formats of management accounts we can provide:-

  • Profit and Loss Statements
  • Balance Sheets
  • Performance ratios
  • Cash Flow Forecasts
  • Budget Comparisons
  • Setting and monitoring KPIs
  • Debtor Listings
  • Creditor Listings

Upon agreement we will consult with you as to what management information would add value to your business and allow you to make the right business decisions.

Advantages of having regular Management Accounts:

  • Many businesses have commercial loans with retail banks - our service means you meet your contractual obligations of providing management accounts on a quarterly basis.
  • Having regular reports allows you to examine your cash flow, observe trends and seek additional capital injections (should it be required), based on accurate forecasts.
  • By looking at a profit and loss statement you can very quickly see where your business stands in terms of profitability, on a regular basis, giving you the right information to make changes, if necessary.
  • Allows you to predict future events based on historical trend information, giving you an edge over your competitors.

If we already do regular bookkeeping for you then producing regular management accounts is a very simple process.

Call Mike Kirby on 01730 234500 for a free initial consultation to discuss how our bookkeeping and management accounts service could benefit you!