Having quality management accounts can be beneficial to your business as they can help you to grow by making it more efficient and hopefully more profitable.
Management accounts are a set of detailed accounts prepared to illustrate the company’s performance. The goals of the accounts are to provide key financial information which will help with short term financial decisions and in planning for long term development.
The main advantage of having management accounts is being able to control the business. If you want to make projections, cash flows or be able to be accepted for finance, management accounts are an essential starting point. They will provide you with the up to date information throughout the year to give you accurate feedback of performance. If you find that your business is growing rapidly and want to be able to plan for the future, we recommend that you put in the controls and ways of reporting now to help guide the growth.
Typically, the accounts are prepared on a quarterly basis; it is not uncommon however to have monthly reports supplied to the business.
If you feel that additional guidance is needed as your business starts to grow, then please get in contact with us so we can help you make the right the decisions. Please visit our website for a complete list of our support services Click Here.
Or contact us on 0116 2423400 or firstname.lastname@example.org
Eoghan Macilwraith, Accounts & Tax