If you’re a business owner, you can prepare your management accounts – regardless of whether you’re a limited company or run a partnership. The size of the business also doesn’t matter. However, preparing management accounts is extremely time-consuming. Given the nature of the reports, you want to ensure all numbers are correct and give you an accurate standing of your business finances. Therefore, hiring an expert like Lyel Accountants to get help on this function makes sense. Lastly, there’s no statutory requirement for management accounting.