management accounts made simple
Management accounts take the form of financial reports which are used by business owners and management to inform day-to-day and longer-term decision making. They are not a legal requirement and can therefore comprise different elements depending on the needs of the business. However, they are usually produced on a monthly or quarterly basis and provide insight into the current financial health of a business by tracking various key performance indicators.
In contrast to Statutory Accounts, management accounting services provide more timely information, which has the potential to make a difference to future business plans as opposed to just reflecting on older accounting figures.
Why are management accounts important?
The primary function of management accounts for small business owners is to provide clear insight into the financial position of the business. This insight helps by:
- Providing a cost analysis of your existing expenses
- Identifying pinch points and improving cashflow
- Measuring the performance of your business
- Identifying opportunities for internal savings
- Defining your future budgets and investments
- Helping to plan tax and dividend payments
- Demonstrating transparency to potential investors
- Providing a better understanding of your target market
accountants for smes
As an SME accountant, we have experience of helping businesses of all types and sizes, and understand the specific challenges faced by those businesses. Our existing client base covers retail, hospitality, construction, automotive and personal services amongst many others. These businesses make up our local business community and we are proud to support them with their growth using our sound tax and accounting expertise as well as our knowledge of the local economy.
What can we help with?
Our approach to management accounts focuses on easy to read accounts and reports which create value for your essential business decisions. Depending on how closely you want to monitor your business, and on the information available from other sources, you can choose to have monthly or quarterly management accounts.
The support we provide is flexible and your management accounts will always be tailored to your requirements and the changing needs of your business. As a minimum, your accounts report will include a profit and loss account and a balance sheet, but you may also want to include a cash flow statement and a short report. These clear and concise reports will allow you to easily check your progress in addition to providing essential direction for business decision making. Finally, our friendly and helpful team will be happy to explain or discuss any element of your reports and to call on the wider expertise within the team.
in Cheam and Surbiton
As an established management accountant in the South West London region, we provide tax and accountancy services to businesses across Kingston, Surbiton, New Malden, Raynes Park, Wimbledon, Reigate, Chessington, Epsom, Sutton, Cheam, and Banstead.
To discuss your management accounts requirements, please get in touch to find out how we can help.
Tell us your story
If you'd like to know more about how Kingston Burrowes can help manage your business or personal accounts, talk to one of our friendly team today.