Management accounts are the regular production of data that provides financial and non financial data on the performance of the business.
Traditionally these usually take the form of a profit and loss accounts, balance sheet and cashflow. They may also include key performance indicators (KPIs) and other non financial data.
They are published regularly (usually monthly but they can also be published less regularly i.e. quarterly or half yearly) to stake holders and managers in a business.
They are used by all types of businesses from small to larger companies. The quality of the data is very dependent on the accounts / finance system in use and the adherence to GIGO (garbage in garbage out). So management accounts are scaleable to the business (and more importantly business owners) needs!
For smaller businesses, the business owners usually judge business performance on some key measures - such as how much money is in the bank, how much did the business turnover. The measure
of the business beyond these basic measures usually takes place once a year when the annual accounts are completed by the accountant.
So the production of regular management accounts provides key business data on a more regular basis. This also facilitates other business functionality including budgetting and forecasting.
But before management accounts can be produced economically, the business must have:
We can create and publish regular management accounts based on the format you require, the regularity you require and provide some business advice on the basis of what the data shows and to the budgeted cost agreed.