Monthly accounts are a type of management accounts, which means that the information produced is made to assist effective management. This is a contrast to yearly accounts which report on past performance, often for the reference of stakeholders. Monthly accounts are forward looking.
Management accounting requires a specific qualification, in our case this is provided by CIMA (Chartered Institute of Management Accountants). Many accountants produce management accounts but not every entrepreneur is aware of the benefits.
What makes our accounts service different?
What makes our service different is the way we produce the information: we work with and monitor the bookkeeping and build our reports as the transactions happen. This makes our systems more accurate than the average accountant and provides quick feedback if there are anomalies in the figures. This is more in line with how large organisations produce their accounts; we make it affordable for small businesses.
Here are some more of the benefits:
- New strategies and product lines can be tested and analysed quickly
- Problems are easier to spot and remedy quickly
- Questions like “has this supplier been paid and how much did it cost previously?” are easy to answer
- Year end accounts are built into the service so there are no end of year surprises
- We produce relevant KPIs (Key Performance Indicators) for your business weekly or monthly
- You will receive accurate monthly profit and loss accounts and balance sheet for each section of your business.