What are Monthly Management Accounts?
Monthly management accounts are a specific type of accounting that is designed to track a businesses performance and allow for effective management decisions. This type of financial reporting is typically found in large corporations that have a dedicated finance department. Monthly management accounts contrast against yearly accounts, which report on past performance. They are often only 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 business owner 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 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.
This sounds good, what next?
If you think monthly management accounts could help your business, we are happy to talk you through the onboarding process with us. Whether you’re a start-up or already established we can help you get set up with incredibly useful financial reporting.
How would I benefit from monthly management accounts?
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.