Management Accounts
What are management accounts, and do I really need them?
It’s a good question, let’s start with what they are, essentially they are the same as your year-end accounts, just with fewer additional pages, they consist of what matters to your business, a Profit and Loss Account and Balance Sheet without all the additional pages of notes and accounting speak.
As for the second part of the question, do you need them, well if you are serious about your business then the answer is Yes!
Up To Date Accounts
Usually when you get your annual accounts prepared by the accountant many months have passed, the financial information if out of date, historic. This is where management accounts come in, they are usually prepared monthly or quarterly and instead of being prepared months later they are prepared a few weeks later, earlier in some cases, thereby giving you access to more current financial information which in turn allows you to make more informed decisions relating to your business.
Management accounts give you access to information about trading that previously you would only get by seeing your accountant after the annual accounts are prepared, such as:
- margins and profitability
- tax estimates
- trading and turnover levels
- changes in debtor or creditor payment days
Make Informed Choices
It is this regular financial information that gives you a window into the financial health of your business, and it allows you to make informed choices for your business, these choices could be:
- pricing changes
- stock level changes
- purchase of assets such as machinery and equipment or cars and vans
As you can see, regular management accounts give you accurate financial data on which to base your business decisions, without them it’s like taking a trip without knowing where you are going to.
For more details on our Management Accounts service please contact us.
Call Us: 01704 320560
Our Services
Management Information To Maximise Success
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