Management accounts are different than Year-end Accounts or Annual Accounts. Management Accounts are prepared for the business executives to make informed decisions. The format, structure and style of Accounts is not governed by the Law.
They are mainly a tool to analyse information in which every way the business wants to see. Though the format and style are different, both Management Accounts and Annual Accounts generally show similar result, the Business Profit.
The management accounts can be prepared monthly, quarterly or annually. Your first set of Management Accounts will be free when you agree a 12 months contract. Preparing Management Accounts at a regular period [e.g. monthly, quarterly or sin monthly] has following benefits:
Your year-end tax liability can be estimated fairly accurately in advance
This will provide the opportunity to take benefit of tax savings by legal means
Business performance can be reviewed
It also helps you understand the business performance and helps you to take prompt action to maximise profitability
It provides the information in to other cost savings area
Sterling finance will provide easy to understand monthly or quarterly management account at a reasonable cost