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These are set of summarized accounting data such as balance sheet, income statement and cashflow prepared and presented usually monthly, fortnightly, or weekly specifically for the management of the business. The objective of management accounts is to provide timely and key financial and statistical information required by managers to make day to day and short-term decisions.
The production of regular management accounts allows you to review and analyse the financial performance of your business. The key to making this information valuable is to work with us to use the information to improve the business strategy and processes.
Management accounts help to make fundamental commercial decisions on issues such as funding, risk minimization and performance improvement.
Management accounts will enable you to:
- compare your accounts with original budgets or forecasts, with similar period in the past, with your immediate period.
- manage your resources better
- identify trends in your business
- highlight variations in your income or spending which may require attention