Management Accounts

Published / Last Updated on 21/02/2014

Management Accounts and General Business Reporting

Regular management accounts information is a key element to all sizes of business, and the availability of such, is an indicator of proactive and dynamic management.

To underpin management accounts information, businesses need a strong and efficient control environment to ensure the accuracy of reported results. It is normally the case that simplistic systems generate an adequate control and reporting process, whilst being easy to administer by staff.

Typical users of management accounts information include:

  • Internal management - for review / budgets / control processes
  • Accountants / professional advisers - for proactive planning and advice
  • Banks - to support financing propositions etc 
  • "Predator" businesses - to assess viability of acquisitions

Management accounts information can take a variety of forms and are adaptable according to the users requirements.

At the lowest level management accounts reporting might incorporate:

  • Analyses of sales / gross profit margins
  • Debtors / creditors aged analysis

This range can be expanded to suit a management accounts reporting requirement or more sizeable businesses which need:

  • Detailed departmental profit and loss accounts
  • Flexed budgets in line with current trading
  • Analysed balance sheet profiles
  • Cashflow, profit and loss forecasting

In short, management accounts information can take a variety of forms, and can be flexed according to the users requirements.

Request expert business and management accounts advice today or visit our Money Shop and choose your own management accounts help guides.

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