What are Management Accounts?
Management Accounts are financial reports produced usually monthly or quarterly that provide interim information for business owners and managers. They normally include a Profit and Loss report and a Balance Sheet, but can be customised to show the information that is particularly relevant to that business.
Comparatively few businesses produce Management Accounts, and of those that do, many won’t get the full value from them.
It’s not unusual for business owners to think their business is too small to benefit from management accounts, or that they would take too long to produce and be a distraction from more important work.
The reality is that Management Accounts can be created very quickly once the reporting is set up, especially using Xero or Quickbooks, and they can show business owners exactly how their business is performing.
- Which is your most profitable product or service?
- Is this month more profitable than the same month last year?
- How have overhead costs moved in the last three months?
Management Accounts enable you to measure key elements of the business, and if you can measure it, you can improve it.
We can help demystify Management Accounts, and explain why they could help transform your business and help you sleep better at night.
If you’d like to know more, please get in touch. We can help you set up an internal process to create your Management Accounts, train an internal resource to produce them and help you get to grips with getting the most from them, or produce them for you and translate the content. It’s entirely up to you how involved you’d like us to be and for how long, but they really can be transformative.
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