Would having up-to-date financial information throughout the year enable you to make better business decisions? If the answer is yes, then your business would benefit from having management accounts prepared throughout the year.
Why you need management accounts?
Management accounts provide you with up-to-date financial and performance information. This real-time information will ensure you are making the right financial decisions for your business.
They can also be used to measure the business’s actual performance against budgets set before the start of the financial year. If you have never used budgets before, we are happy to discuss how they work, to see if they would benefit your business and then help you prepare them.
Management accounts can also help with funding applications, for example for your bank. They will support your application by providing potential lenders with a snapshot of where your business is part way through the financial year.
Our management accounts service
We will prepare management accounts either on a monthly, quarterly or six-monthly basis; it’s entirely up to you and what works best for your business. We will use your bookkeeping records– either those from your own system or from the bookkeeping work we have done on your behalf.
All our management accounts typically include:
- A balance sheet showing revenue cut off properly, basic accruals, prepayments adjusted and ledgers reconciled
- Cash flow and income statement
- Profit and loss account
- Key performance indicators.
We are also happy to produce tailored reports which meet your specific requirements.
We will always prepare management accounts in a format that is easy to use and understand. If you don’t understand the management accounts that we prepare then you won’t be able to make suitable or accurate business decisions. We will discuss the layout and format of management accounts with you to ensure that you get the most out of this service.
If you think regular management accounts could benefit your business, please get in touch.