Management accounts help you see how your business is performing on a regular basis, monthly or quarterly. These are tailored to your requirements and your KPIs.
We've talked about bookkeeping, tax and year end accounts elsewhere in our website but what Management Accounts do is provide you with a detailed picture of the business as a whole on a regular basis.
If you have a board or partners within a business you will certainly want management accounts for monthly and quarterly meeting where decisions are made as without the numbers it's impossible to make good or even great decisions.
If you are an expanding business and looking to raise capital your lenders would certainly want to see robust management accounts over a period of time, not just a hastily put together set of accounts for the current period.
Are management accounts mandatory for a business?
The short answer is no, but a well run business with a firm grasp of what's going on tend to have at least quarterly management accounts and more often that not monthly.
If you trust your bookkeeping and accounting to Parfitt Taylor, we will have all the required information to produce your management accounts on a regular basis in a format that works for you and your business.