For small business owners, management accounts give a better understanding of your financial position throughout the year, putting you more in control of your finances, helping make big financial decisions and supporting the growth of your business.
Management accounts are not a legal requirement and do not need to be filed with HMRC so we can tailor the information specifically for you and your business. They are a set of financial statements prepared either monthly or quarterly and typically include a profit and loss account, balance sheet, cash flow statement and a short report.
Monitoring your financial position regularly gives you the opportunity to identify trends in sales and provides better information for planning growth and expansion. This type of reporting has other benefits, including:
- Measuring business and individual’s performance against KPIs.
- Keeping control over cash flow.
- Planning tax and dividend payments.
- Detecting fraudulent activity.
- Reducing overall annual accounting costs.
Contact us to discuss your management account requirements and the type of financial reporting you would like to see to benefit your business.
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