Many small businesses only look at bookkeeping as a necessary evil, something that has to be done in order to complete your VAT returns, or apply for a loan, or submit your annual accounts. But locked away in all those receipts and statements is information that, properly presented and used could help you make decisions critical to your business. And to do that you need to get this information promptly, and in a way that makes sense to you.
If you only look at your accounts when you get your year-end figures, probably 8 months after your year end, how can you possibly use them to make good decisions about your business? That is like a football manager only finding out his team are 2-0 down at half time 5 days after the match is finished.
And the information needs to be the information that you need to see, in the format that you need to see it in. Management accounts can take whatever form you need them to be. In fact, management accounts should only be in the format you need them to be. If looking at a balance sheet won’t help you to make decisions about your business, then we won’t give you a balance sheet to look at.
We encourage our clients to view management accounts on a monthly basis, and we will prepare the information you want and need. We will start off from a point of the reports you would accept, but from there we will customise and add whatever is required.
Example Standard Management Accounts
Typical Other Reports