Management Accounts for UK Small Businesses and Limited Companies
Annual statutory accounts tell you what happened last year. Management accounts help you understand what is happening now. T&N Accountancy provides clear, regular management account support to give you a more informed view of your business throughout the year.
Enquire About Management AccountsWhat Are Management Accounts?
Management accounts are internal financial reports prepared periodically — typically monthly or quarterly — to give business owners a clearer picture of their financial position. Unlike statutory annual accounts (which are a legal requirement), management accounts are primarily for the benefit of the business itself.
They typically include a profit and loss report showing income and expenditure for the period, and often include a balance sheet showing the financial position at a given date. Some management accounts also include comparisons against a prior period or budget.
Why Management Accounts Are Useful
Many small businesses only look at their finances in detail at year end, when it is often too late to take action on what the numbers show. Regular management accounts allow business owners to:
What Our Management Accounts Support May Include
- Monthly or quarterly profit and loss reporting
- Balance sheet preparation
- Bookkeeping to support management reporting
- Clear presentation of key financial figures
- Comparison with previous periods where data is available
- Coordination with year-end accounts preparation
Management Accounts Are Internal Reports
Management accounts are for internal business use and are different from statutory annual accounts filed at Companies House. The format and content can be tailored to what is most useful for your business. Please contact us to discuss your requirements.
Want a Clearer View of Your Business Finances?
Contact T&N Accountancy to discuss management accounts for your business and what format would be most useful for you.