Management Accounts
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What are management accounts and why do I need them?
Every month or every quarter, a set of customised or standard financial reports is prepared by your company’s accounting department to assist you in tracking the progress of your business.
Unlike Statutory Accounts (which are required by the Government and are prepared after the year-end), Management Accounts focus on your business requirements, such as KPI’s, Balance sheets, Profit and Loss, and an Executive summary.
Business owners and managers use them to track key performance indicators and make daily and strategic decisions about their financial health.
These reports could help play an essential role in planning for growth and help secure a loan if you require one.
Further information about Management Accounts
Management accounts are vital in running and monitoring your small business or organisation and highlight several critical indicators regarding performance and whether you are achieving your goals within the required timeframes.
You can access:
In summary, this can be a powerful tool to help you run your small business to its full potential and determine your business successes and where you may need to make improvements or new financial decisions.
You can access:
- Staff and management performance
- Which customers are providing the most business?
- Cashflow & billing
- Pinpointing your business’s ‘star performers’ as well as those who are underperforming.
In summary, this can be a powerful tool to help you run your small business to its full potential and determine your business successes and where you may need to make improvements or new financial decisions.