Management accounts are an essential tool for any business looking to grow quickly and efficiently with better informed decision-making.
Small and medium-sized enterprises aren’t legally obliged to create management accounts or file them with HMRC. So why add another layer of financial administration if it isn’t a mandatory responsibility?
The answer lies in the fact that management accounts can help your business to grow. It pays to be proactive and enlist the services of an accountant to prepare your management accounts for the invaluable insights they provide.
- Benchmark your business against your nearest competitors
- Identify and act on trends to improve your profitability
- Improve debt control, stock control and overhead costs
- Gain a real-time snapshot of performance with relevant KPIs
- Potentially reduce your Year End accounting costs
Keep on top of your business finances with comprehensive management accounts from IN Accountancy.
How Do Management Accounts Benefit Businesses?
Management accounts benefit small and medium-sized businesses across various sectors in the following ways:
Management accounts provide the ideal basis for the development of key performance indicators (KPIs) that provide a truly meaningful yardstick for the overall financial performance of your business.
Armed with a better grasp of your organisation’s cash flow and performance, you will be in a much stronger position to make informed decisions and course correct any problems as they arise rather than at year end.
Unfortunately, fraud can and does occur in small to medium sized businesses. Having regular management accounts produced enables you to spot any financial irregularities much more quickly and proactively.
Tax And Dividend Planning
Having management accounts in place can make it far easier to plan your tax and dividends payments with clarity and foresight. They can help you to maximise any potential gains of paying dividends as opposed to a salary.
How IN Accountancy Can Help With Your Management Accounts
IN Accountancy can prepare all the vital elements of your management accounts for you, including profit and loss reports, balance sheets and cash flow statements. In effect, management accounting provides many of the same details as Year End accounts, except that they’re less formal and can be tailored to your specific requirements.
Take control of your finances with detailed management accounts from IN Accountancy.
Cash Flow Forecasting
In addition to standard management accounting, cashflow forecasting gives you a detailed view of your company’s incomings and outgoings. This gives you an in-depth view of how and where your money is being spent, enabling you to quickly identify potential issues. Contact us to find out more about our cashflow forecasting services.