Management Accounts

What are Management Accounts? 

Management accounts comprise financial information about profit & loss, balance sheet and cash flow. Typically, management accounts are the key documentation directors will review at a monthly board meeting to ensure a productive discussion and that the business’ key issues and KPIs are clear. Analysis, interpretation, identification and communication are all important parts of the managerial accounting process.

How producing management accounts can benefit your business 

Management accounts are a business fundamental for understanding the state of your business and being able to share that information meaningfully. All your key business stakeholders, both internal and external will expect to be kept up to date with the financial position of the company and this is the means by which that is achieved. Ensuring management accounts are produced in an accurate and timely manner is a discipline which every business owner should adopt, as it sets the tone for financial management throughout your business.

Producing management accounts regularly also means you never have additional stress when information is required by your bank, investors or shareholders. It assists with tax planning and ensures you minimise the risk of fraud or theft taking place within the business unnoticed.

Denise has been supporting me on various financial restructuring projects undertaken by me in the last 3 years. The support has always been absolutely exceptional, at the highest standard of knowledge, professionalism and customer service.

Oana Marele – Head of Finance, Grafton Technology

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Regular management accounts save you money come year end

Ensuring management accounts are produced on a monthly basis isn’t just a good idea for the purposes of monthly business control. It also helps reduce year end preparation and in turn accounting costs if management accounts are prepared throughout the trading year. 

If you would like to find out more about the value of producing regular management accounts please contact Denise for a free consultation on how she can support you and your business.