What are management accounts and why do I need them

Your company’s accounting department is here to support you by preparing customized or standard financial reports every month or quarter. These reports are specifically designed to help you track the progress of your business and make informed decisions based on key performance indicators, balance sheets, profit and loss statements, and an executive summary.

Management Accounts are different from Statutory Accounts because they focus on your unique business requirements rather than being mandated by the government. Business owners and managers like you rely on these reports to monitor their financial health and plan for growth.

By leveraging the valuable insights provided by these reports, you can better understand your business’s financial status and make more informed decisions that could help you achieve your goals. Additionally, these reports could be instrumental in securing a loan if needed.

Further information about management accounts

Management Accounts are crucial for monitoring key performance indicators and ensuring that your business stays on track to achieve its goals within the required timeframes.

You can access:

  • Staff and management performance
  • Which customers are providing the most business?
  • Cashflow & billing
  • Pinpointing your business’s ‘star performers’ as well as those who are underperforming.
In summary, this tool can help small businesses reach their full potential by providing insights to evaluate successes, identify areas for improvement, and make informed financial decisions.