Management Accounts are a set of financial statements, prepared periodically e.g. monthly or quarterly, allowing the business owners to understand the financial trading position of the business. These financial statements provide the necessary information for the owners to make informed business decisions and stay in control of their business. Tax Compute can design and provide standard reports tailored specifically for sole traders, companies and partnerships. Typically a set of Management Accounts would include

  • Profit and Loss Account
  • Balance Sheet
  • Cash Flow Statement
  • Key Performance Indicators (KPIs)

Management reports are important for a number of reasons:

  • Preparation of KPIs can detect fraud or highlight unfavourable or changing business trends.
  • Allows the business owners to make informed decisions and stay in control.
  • Provides sufficient information to detect positive and adverse trends in sales volumes, operating margins, costs and profit.
  • Monitors actual costs and sales against budget and maintains business control.
  • Helps facilitate future planning

Please talk to us about easy to use accounting packages that will suit your business needs and provide for Management Accounts to be automatically produced.