What are Management Accounts?

It’s no surprise that with our turbulent economy, more and more businesses in the UK are opting for monthly or quarterly management accounts. When we say ‘Management Accounts’ we simply mean accurate and timely management figures that can help you make key management decisions.

Management Accounts could look like:

  • A summary of monthly or quarterly income and expenses, providing a Profit and Loss Account
  • The company Balance Sheet at a snapshot
  • Detailed dashboard of Key Performance Indicators (KPIs) tailored to you
  • A list of customers who owe you money and suppliers you owe money to
  • (Or they could even stretch to) Departmental reporting on profitability and commentary on the numbers

They’ll help you highlight what has gone well and what hasn’t and whether you’re on track to meet the targets that you’ve set yourself. You can analyse certain elements of your business such as sales, cashflow and profit forecasts, as well as checking historical performance. This will help you identify potential problems on the horizon and identify areas of opportunity, such as tax savings and tax reliefs.

Why Management Accounting is important

Management Accounts provide you with the information you need to enable you to have better control throughout the year and make well informed business decisions, something that is paramount right now. They will also:

  • Provide live insight into your profitability
  • Allow you to plan for growth and recruitment
  • Allow you to anticipate cash-flow problems
  • Highlight problem parts of your business and provide you with the opportunity to implement changes
  • Help you interpret complex financial information
  • Reduce the amount of work to be done at year-end
  • Help to identify how profitable each area of your business is
  • Aid tax and wealth planning
management accounts

Why choose A4G?

We work with you
We want to understand what is most important to you including your short, medium and long-term goals
We talk your language 
We ensure commentary on management accounts is understandable so you know what the numbers mean and can make decisions on them
We take charge
We agree a timetable for the monthly management accounts which allow you to action any internal meetings that are needed or adjust targets for the current month
We add meaning
We tailor your management accounts layout to work in line with your costing process, allowing clear sight of your margins/mark up enabling you to react quickly to fluctuations in costs

Book your free discovery call now

As a small and medium sized business, you may be operating at a huge disadvantage to your larger competitors if you don’t have regular management accounts due to a lack of relevant and accurate financial information about the performance of your business.

Few owner-managers come from a finance background and even with an excellent bookkeeper, you may struggle to interpret valuable financial information. We bridge that gap. Don’t delay key decisions (or make the wrong ones), miss opportunities or fail to identify problems when they arise.

Book a free discovery call