Whereas annual accounts are simply a compliance function to discharge a regulatory requirement, management accounts are essential to actively manage the business, rather than simply being a mechanism by which results are recorded.
The frequency of producing management accounts needs to be appropriate to the business. These need not necessarily be full accounts. Where, for example, overheads costs are static and labour costs are known with some degree of certainty, the process could be streamlined down to recording certain key variable items.
For some clients, they prefer to see full management accounts produced on a quarterly basis, with interim monthly figures extracted from the accounting software.
A key aspect to our service is that we spend time working with our clients for us to fully understand what they want, and for us to identify what they need. We then ensure that we deliver that for them, rather than us asserting a predefined requirement for them.
Find out more about our services:
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Financial Forecasting & Business Plans
Partnership & Shareholder Agreements
Due Diligence, Forensic & Matrimonial Support
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