Management Accounts are often utilised by larger companies to analyse their financial position on a month-by-month basis. They enable in-depth analysis of financial trends within a company and perspective on how a business is performing, against budget, cash flow projections and prior years, and facilitate more accurate forecasting.
To our mind, they are a fantastic tool for any business, as they allow you, the business owner, to take stock each month of how the business is doing; enabling businesses to respond quickly to both the opportunities and threats that will affect their long term business success.
In addition, management accounts can be used by both sole traders and companies to demonstrate to third parties, such as banks and potential investors, the current and potential future financial position of the business.
Should you choose to take advantage of the cloud-accounting software available, this will further enable us to provide real-time analysis of your business' performance as and when you need it most.