Management accounts are a quarterly or monthly set of reports, such as the profit and loss, balance sheets and key performance indicators. They aren’t a legal requirement like statutory accounts and are often done more frequently.
Management accounts are internal financial reports designed for business owners and managers. They offer in-depth insights into a company’s financial performance and position, including key performance indicators and trends. Unlike standard financial statements, management accounts focus on internal decision-making, helping businesses identify strengths, weaknesses, and growth opportunities.
These reports cover various aspects such as revenue, expenses, profitability, and cash flow, aiding in strategic planning and resource allocation. By providing both historical and forward-looking data, management accounts assist businesses in making informed decisions and achieving their goals.
Furthermore, they tailor the information to the business owners and managers rather than HMRC and Companies House, meaning that you can monitor costs better and make well informed decisions.