Management accounts are aimed at helping you to plan your business and make decisions about key areas such as sales, margins and stock.
These accounts are a periodic set of accounts designed to keep INTERNAL MANAGEMENT informed of how the business is progressing.
Ideally, this should be measured against a financial forecast for sales and a budget for costs but in the absence of these it is still important to know at the very least whether a profit or a loss is being sustained BEFORE the year end.
We would recommend quarterly periods of account for small enterprises and monthly intervals for larger entities.
Additionally, reports can be produced which disseminate the information into the level of detail required for different levels of management – one of the essential requirements for effective information provision.
We will work with you to provide you with the accounting figures you need to make the decisions you need within your business by providing accounts on a regular basis. If you have a question about management accounts get in touch to find out more.