Take Control of your business

What are Management Accounts?

Management Accounts are used within a business to enable informed decisions and provide a clear picture of finances and performance. Unlike financial accounts, there is no legal duty to produce management accounts and there is no set format as to what should be included. The information reported in management accounts is purely to assist the Directors in managing the business.

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What information does a set of Management Accounts provide?

Whatever you want it to. Our fully qualified Chartered Management Accountants produce client specific management accounts, tailored to what is relevant to the business.

Management accounts may contain all or some of the following:

  • Profit and Loss account
  • Balance Sheet
  • Cash Flow forecast
  • KPI (Key Performance Information) relating to Turnover, Gross Profit, Overheads and Net Profit
  • Sales analysis by product
  • Detailed Aged Debtors and Creditors
  • Detailed Expenditure analysis
  • Current VAT and Corporation Tax liabilities
  • Cash and Bank balances
  • Actual performance compared to budget
  • Comparison of current year to previous year

Why do I need Management Accounts?

To grow and develop your business you need have a good control on how it’s performing.

Every business is familiar with the financial statements prepared at the year end which tell you how the business has performed over the last year, by which time it is too late to put corrective action in place if the results aren’t has expected. Reviewing the business accounts on a regular basis enables you to identify trends and spot any unusual results.

If you’re looking to grow and effectively manage your business throughout the year; receiving regular, timely and relevant financial information is essential. As soon as possible after the end of each reporting period, you should expect to see the Management Accounts for that period so that any issues can be addressed as quickly as possible. It doesn’t necessarily need to be a monthly exercise, some businesses opt to prepare quarterly management accounts rather than monthly when it is more appropriate for the business to do so. This is quite common practice for seasonal businesses.

When combined with our in-house bookkeeping service or NoStress package which ensures consistent and quality procedures, our bespoke management accounting service will provide you with the ultimate business health check.

As Chartered Management Accountants with over 20 years experience, your business is in the best possible hands. It’s the provision of quality management information which differentiates us from the crowd. That’s our focus – delivering regular, reliable and understandable data with a professional insight to move your business forward.

Here’s what our clients have to say….

  • I hired Sarah’s firm earlier in 2010 and she has fast become an extraordinary asset for my business. Not only is she an excellent accountant, with every detail to hand on current legislation affecting small businesses, but she takes a genuinely proactive stance in trying to help the business achieve its goals.

    As the owner of a small international management consulting firm, having an accountant who is more a business partner than supplier, is vital: Sarah and her team at The Accountancy Office more than meet that requirement, offering advice that is instinctively collaborative, rather than the more traditional client-accountant relationship.

    I genuinely cannot imagine finding a more committed, attentive, and professional firm to manage the financial aspects of my business, and I recommend Sarah and The Accountancy Office without hesitation

    Guy Champniss – Director, Meltwater Consulting Limited
  • I felt confident moving our business forward working alongside Sarah and her team. The knowledge of obtaining professional financial advice whenever required, has allowed me to grow the business successfully. I would definitely recommend Sarah’s professional accounting skills to any company.

    Tracey Davies, Phoenix Hair & Beauty (Evesham) Limited
  • The Accountancy Office has been our accountant since the inception of our business back in 2011. Sarah is terrific to work with, with all our needs being met and exceeded. Thanks very much to Sarah for her thorough eye and exceptional service. We highly recommend The Accountancy Office for all accounting needs.

    Ian Round – Director, Structured Images Ltd