Management accounts
All businesses need reliable, accurate and timely financial information to operate efficiently, which is why many produce management accounts on a monthly, quarterly or six monthly basis.
We prepare management accounts for businesses ranging from small owner-managed entities to large international groups. Not only does the information we provide give management teams the insights they need to plan and monitor strategies, they are also able to spot trends before it is too late, and to explain the business clearly and accurately to third parties. Here are just a few of the ways management accounts have helped our clients:
- a successful business was able to get the overdraft it required by giving the bank weekly management accounts – monthly accounts hid the short-term cash flow problem it faced each month
- monthly management accounts enable a project management company to monitor accruals and costs during the course of a project, and make adjustments
- a business with multiple outlets is able to identify trends and compare performance across all locations
- directors are able to make timely decisions about maximising tax-efficient pension contributions.
Management accounts can more than pay their way – as the examples above illustrate book-keeping rarely shows the whole story – and preparing the end-of-year accounts is usually quicker and easier.
