Management accounts

Management accounts are your business's financial reports tailored for internal use, providing insights into performance, costs and revenue. Helping you steer your business towards success, they serve as essential tools for decision-making and strategic planning.

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What are management accounts?

Management accounts are a set of financial reports produced on a monthly or quarterly basis that help you to monitor your business’s performance. Unlike year-end accounts, they are not a statutory requirement, but rather focus on the specific requirements of your business. The more frequently you have your management accounts produced, the clearer the picture you will likely have about how your business is doing. Management accounts can also provide an early warning signal about  emerging issues, allowing you the opportunity to intervene and nip any problems in the bud.
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What makes us different?

We understand that management accounts are fundamental to building a successful business. We enjoy working closely with our clients to ensure that we thoroughly understand not only their business and its needs, but their longer term goals and aspirations too, so that we can help them get there faster. Our approach to management accounts is distinctive in two notable ways:

Firstly, beyond the typical management accounts process described above, we are able to build tailor-made sets of accounts to reflect your exact needs. This is very individual, but might include assessments of your most profitable products, analyses of which customers bring most revenue to your business, or focusing on your staff/management performance.

Secondly, we can combine this with cashflow forecasting. This helps to predict – and bridge – potential gaps in funding, and also identify times when there might be a surplus of cash in the business. Here, we can assist with advising on how to invest the surplus back into the business to further improve future performance.

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The process

Once the bank reconciliation has been completed, your accounts will be prepared following a month or quarter end – in line with the frequency you choose. The typical management accounts preparation process would include, but is not limited, to:

Management accounts usually contain the following reports:

  • Bank and supplier reconciliation
  • Making appropriate adjustments for tax, depreciation, and payroll
  • Accounting for prepayments and accruals. This is to ensure that the transactions that don’t fall within the particular period covered, but do relate to it, are still accurately apportioned and reflected in profit and loss
  • Profit and loss
  • Balance sheet
  • Aged debtor and creditors’ analysis

All the above reports will be accompanied by an in-depth analysis and commentary. By tracking key performance indicators, management accounts can provide a business owner with a good insight into how well the business is doing, whether

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