All of our clients realise that regular reporting is key to making great business decisions and enables them to monitor the business against Key Performance Indicators (KPI’s).
We encourage our clients to allow us to provide them with either monthly or quarterly management information, consisting of a Profit and Loss account, Balance Sheet and commentary of performance against the KPI’s.
This will help you see the state of your business at any given time and not just at the year end when it is too late to change anything. Clients also find this information useful to plan for growth within the business, tax liabilities and reducing their tax bill.
Often, Cash Flow will also go hand in hand with Management Accounts and we can help you monitor that too.
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Frequently asked questions
Here are some questions we often get asked. If you need any more information, just give us a call and we will be happy to answer your queries.
What are management accounts, and how do they differ from financial statements?
Management accounts are financial reports that provide insight on the company’s financial performance. Unlike financial statements (which are filed at Companies House and with HMRC), management accounts can be tailored to meet the informational needs of management and are used to inform strategic decision making.
Can management accounts be customised for specific industries or business needs?
Absolutely. Management accounts should be tailored to meet the specific needs and challenges of the business. Different industries and business models require different metrics and analyses, so customisation is important to make the reports relevant and actionable.
Are there any regulatory or legal requirements for management accounts?
No, management accounts are designed for the managers of the business and can be presented in whichever way is most useful to support decision making. Management accounts play a pivotal role in guiding strategic decisions and operational improvements within a business. They provide the foundation for analysing financial performance and planning for future growth.